The moves come after Disney reported disappointing quarterly results. Shares of the company fell sharply Wednesday, hitting a new 52-week low, before rebounding later in the week.
, have cut jobs this year as valuations have slumped. Disney hasn't announced any plans to eliminate jobs.As we begin fiscal 2023, I want to communicate with you directly about the cost management efforts Christine McCarthy and I referenced on this week's earnings call. These efforts will help us to both achieve the important goal of reaching profitability for Disney+ in fiscal 2024 and make us a more efficient and nimble company overall.
To be clear, I am confident in our ability to reach the targets we have set, and in this management team to get us there. We are not starting this work from scratch and have already set several next steps—which I wanted you to hear about directly from me. Second, we are limiting headcount additions through a targeted hiring freeze. Hiring for the small subset of the most critical, business-driving positions will continue, but all other roles are on hold. Your segment leaders and HR teams have more specific details on how this will apply to your teams.
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