The Walt Disney Company announced Wednesday that it is cutting 7,000 jobs, or 3.2% of its workforce, as the company reorganizes amid economic uncertainty.
The US-based multinational entertainment conglomerate said it aims to save around $5.5 billion in costs.
Disney's global workforce approximately stood at 220,000 as of Oct. 1 last year.
CEO Robert Iger, who returned to his position in November, said the move will "reshape our company around creativity while reducing expenses" in the company's financial earnings report.
He added that the company is targeting "sustained growth and profitability" for its streaming business to "better position us to weather future disruption and global economic challenges."
Disney becomes the latest firm cutting jobs as the US tech industry is struggling with lower income and recession fears.
Tech majors such as Zoom, Dell, IBM, Amazon, Microsoft, Salesforce, PayPal and Google's parent, Alphabet, have been laying off workers by the thousands in recent weeks.
San Francisco-based financial technology company Affirm also announced Wednesday that it is laying off 485 workers from a total of 2,552 employees, or 19% of its workforce, AA reports.
