Walt Disney Co.’s shares climbed after Chief Executive Officer Bob Iger announced plans for a dramatic restructuring of the world’s largest entertainment company, including 7,000 job cuts and $5.5 billion in cost savings. Writes Bloomberg.
The reductions include plans to trim $3 billion from its budget for movies and TV shows and the rest in non-content related areas. About $1 billion of the savings are already underway, Iger said Wednesday on a conference call with investors.
Earnings were 99 cents per share for the period ended Dec. 31, beating the average analyst estimate by 74 cents. Revenue rose 7.8% to $23.5 billion, slightly better than expected․
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