In the third fiscal quarter of 2024, the Walt Disney Company reported a net income of 2.62 billion U.S. dollars, up significantly from a net loss of 460 million U.S. dollars in the same quarter of the previous year.
So hundreds of people will have their lives turned upside down because a company with a quarterly net income of $2.62 billion wants to save enough for that to be $2.63 billion. The anxiety and stress, health complications, suicide, poverty and desperation, for a number on a spreadsheet.
It’s bullshit.
We call these “layoffs” but it’s just arbitrary mass firings. Layoffs used to mean the company was in trouble, now it’s just to appease shareholders. These companies end up hiring these positions back over the next few years so nothing really changes, but (as you mentioned) peoples lives are thrown into turmoil.
There should really be some sort of requirement to apply to be able to make mass layoffs like that.
Like, “we lost x amount of dollars so we need to lay people off.” Not, “we paid our bills but didn’t make x amount of dollars and we need more money.”
Don’t forget, they’re also raising all of their subscription prices in like a month.
