Disney CEO Bob Iger announces plans to lay off 7,000 employees.

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The layoffs are part of a cost-cutting effort to achieve $5.5 billion in savings.

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Disney streaming business saw a loss of $1.5 billion last quarter.

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The company aims to deliver $3 billion in savings over the next few years.

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 Disney Plus added 200,000 subscribers in the US and Canada, 1.2 million internationally.

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Hulu and ESPN Plus added 800,000 and 600,000 subscribers respectively.

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Disney's direct-to-consumer division saw a 13% increase in revenue to $5.3 billion.

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The company has 190,000 employees worldwide as per its 2021 annual report.

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The CEO has not revealed which departments will be impacted by the layoffs.

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The goal is for the Disney Plus streaming service to hit profitability by fiscal 2024.

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