Walt Disney Co
"We continually evaluate ways to invest in our businesses and more effectively manage our resources and costs to fuel the state-of-the-art creativity and innovation that consumers value and expect from Disney," Variety cites a company representative.
The layoffs affected human resources, legal, finance and other departments in the U.S.
In July, Disney laid off about 140 employees in its television division, representing about 3% of its workforce. In May, Pixar laid off 175 workers, about 14% of its headcount.
Disney reported fiscal third-quarter 2024 topline growth of 4% to $23.16 billion, just managing to beat the analyst estimate of $23.11 billion.
The company's recent attempts to unlock value include expanding its paid sharing program for Disney+ in multiple regions and tapping Academy Award-winning filmmaker Jared Bush as Chief Creative Officer (CCO) of Walt Disney Animation Studios. The company forged a first-look deal with the Spider-Man franchise's famed director, Jon Watts.
Goldman Sachs analyst Michael Ng expects Disney's box office blockbusters and streaming growth to help offset Experiences and linear weakness, putting Direct-to-Consumer on track for continued growth. Disney Marvel's 2024 release "Deadpool & Wolverine" has earned $1.22 billion in global sales, according to a September 5 report.
Walt Disney stock is up over 17% in the last 12 months. Streaming giant Netflix Inc
Price Actions: DIS stock is up 0.51% at $94.40 premarket at the last check Thursday.