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The Walt Disney Company stated on Wednesday that it is restructuring in light of the uncertain economic climate and eliminating 7,000 jobs, or 3.2% of its workforce.

The worldwide entertainment corporation with headquarters in the US said that the cost savings from the layoffs would total about US$5.5 billion.

At the start of last October, Disney employed about 220,000 people worldwide.

In the business’s financial earnings report, CEO Robert Iger, who took over again in November, stated that the decision will “reshape our company around creativity while decreasing expenses.”

In order to “better position us to weather future upheaval and global economic concerns,” he continued, the corporation is aiming for “sustainable growth and profitability” for its streaming business.

As the US tech sector struggles with decreasing income and recessionary concerns, Disney is the latest company to announce job cuts.

In the last few weeks, big IT companies like Zoom, Dell, IBM, Amazon, Microsoft, Salesforce, PayPal, and Google’s parent company, Alphabet, have been laying off thousands of employees.

Affirm, a San Francisco-based provider of financial technology, also disclosed on Wednesday that it is eliminating 485 jobs out of 2,552 total positions, or 19% of its workforce.

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