The tech industry is preparing for a downturn in the market with a decrease in revenue and sales and companies from left and right, are slashing jobs to cut the expenses.
Twitter, Facebook’s parent company Meta, Amazon, Google along with Microsoft each announced layoffs and then now Disney and Yahoo have also made similar announcements.
Disney’s chief executive Robert Iger revealed 7,000 people will be eliminated in an “significant transformation”, while Yahoo will reduce 20percent of their staff that’s about 1,700 employees. Of them 1,000 of them will leave within the next week.
Disney employs 220,000 employees and employs 166,000 people within the United States and 54,000 internationally. Iger said he was looking into “every facet of the streaming business” and is working in the direction of “aggressively curate the general entertainment content” and will also reevaluate the local and international content.
The financial reports showed that the strong growth of theme parks has offset the weak performance of the streaming of video for the entertainment firm.
Speaking of Yahoo, almost half of the job cuts will be in the unprofitable business ad tech unit. The division failed to deliver expectations, the company confirmed with CBS. The move would “simplify and strengthen the advertising business for the long run while enabling Yahoo to deliver better value to customers and partners”, the statement added.
