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Disney CEO Bob Iger Announces $7.5 Billion In Cost Cuts

via CNBC Television

Disney CEO Bob Iger has announced plans to increase the company’s cost-cutting goal to $7.5 billion, up from the previous target of $5.5 billion.

The company reported a 5.4% increase in revenue and a 62.9% increase in net income for the fourth quarter.

Disney’s direct-to-consumer streaming services produced $5.55 billion in revenues, and the company is confident it will achieve profitability in Q4 of fiscal 2024. (Trending: Supreme Court Dismisses Case To Keep Trump Off Ballot)

Iger expressed confidence in the company’s future growth and shareholder value.

“Our results this quarter are a testament to the work we’ve done across the company this past year,” Iger said.

“And I’m bullish about the opportunities we have to create lasting growth and shareholder value and to strengthen Disney’s position as the world’s leading entertainment company.”

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