BREAKING Disney is set to lay off 7,000 workers, CEO Bob Iger said on the company's earnings call on Wednesday.
Jessica Reif Ehrlich, an analyst at Bank of America who closely follows Disney, told ABC News before the earnings call that she expected Iger to address layoffs.
But the company's streaming service, Disney+, lost subscribers for the first time since its launch in 2019. The service dropped 2.4 million subscribers, more than analysts expected. The company also faces a high-profile proxy fight from Nelson Peltz, CEO and founder of activist investment firm Trian Management LP, which has purchased nearly $1 billion worth of Disney stock.
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