Disney PH Cuts 7,000 Jobs Despite Increased Company Profits

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Adi Ahdiat 10/02/2023 12:50 WIB

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During the 2021-2022 fiscal year, Disney's revenue increased by 22.7%, while its consolidated net income rose by 57.6%. Nevertheless, in early 2023, Disney announced mass layoffs.

Consolidated Revenue and Net Income of The Walt Disney Company (2021-2022*)

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Disney PH Cuts 7,000 Jobs Despite Increased Company Profits

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Consolidated Revenue and Net Income of The Walt Disney Company (2021-2022*)

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In early 2023, The Walt Disney Company conducted layoffs affecting approximately 7,000 employees, or 3.6% of its total workforce.

"I am committed to positioning this company for the new era," said Robert A. Iger, the new Disney Chief Executive Officer (CEO), in a press release on Thursday, February 9, 2023.

"Our strategic restructuring will return creativity to the core of the company, increase accountability, enhance performance, and ensure the quality of our content," he continued.

According to Reuters, Disney conducted these mass layoffs to reduce operating costs and increase profitability from its streaming services: Disney+, ESPN+, and Hulu.

However, this doesn't mean Disney is losing money. According to its financial reports, it actually saw increased profits over the past year.

During fiscal year 2021, The Walt Disney Company recorded revenue of USD 67.42 billion. This increased by 22.7% to USD 82.72 billion in fiscal year 2022.

Over the same period, its consolidated net income increased by 57.6%, from USD 1.99 billion to USD 3.14 billion.

The number of its streaming service subscribers also increased. Globally, Disney+ paid subscribers rose 39% from 118.1 million accounts (2021) to 164.2 million accounts (2022).

Paid ESPN+ subscribers increased by 42%, from 17.1 million accounts (2021) to 24.3 million accounts (2022). Similarly, paid Hulu subscribers increased by 8%, from 43.8 million accounts (2021) to 47.2 million (2022).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."