Disney (NYSE:DIS) has been making some tough calls lately, with another round of layoffs hitting the company this week, according to CNBC. After it’s all said and done, about 4,000 people will have lost their jobs. These layoffs are part of a bigger plan to save a whopping $5.5 billion, as announced by Bob Iger in his first earnings call since coming back as CEO. Overall, they’re looking to cut 7,000 jobs, which is roughly 3% of Disney’s total workforce.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
The first round of cuts happened back in March, which affected the Metaverse strategies unit and a part of the Beijing office. This time, they’re targeting divisions like Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products. Word on the street is that a third wave of layoffs is coming before summer, but hourly park and resort workers should be safe.
Overall, Wall Street analysts have a consensus price target of $129.50 on DIS stock, implying over 29% upside potential, as indicated by the graphic above.
