Latest news with #US5.5
7NEWS
3 days ago
- Business
- 7NEWS
Disney axing hundreds of workers in film, TV, finance despite huge 2024 with Inside Out 2, Deadpool and Wolverine and Moana 2 hits
Media company Walt Disney is laying off several hundred employees in film, television and corporate finance, a source familiar with the matter says. The lay-offs affect multiple teams around the world, including film and TV marketing, TV publicity and casting and development, the source said. Disney and other companies are reshaping their business strategies in response to the migration of cable TV audiences to streaming platforms. In 2023, Disney cut 7000 jobs as part of an effort to save $US5.5 billion ($A8.5 billion) in costs. Disney also laid off nearly 6 per cent, or fewer than 200 people, in the ABC News Group and Disney Entertainment Networks in March. The company's most recent earnings report in May exceeded Wall Street expectations with an unexpected boost from the Disney+ streaming service and strong results from theme parks. The cuts come despite Disney recording a huge 2024 with three of the top five movies of the year in the US — Inside Out 2, Deadpool & Wolverine and Moana 2 — coming from its studios. The company also had the biggest movie of 2024 — Inside Out 2 — which became the biggest animated movie of all time, not accounting for inflation. The jump came after a quieter 2023 for the studio which didn't have a movie at the very top of the charts. In mid-December, it also crossed the $US2 billion domestic mark, the second time any studio has done so since 2019 (which was also Disney, in 2022).
The Advertiser
3 days ago
- Business
- The Advertiser
Disney laying off several hundred in film, TV, finance
Media company Walt Disney is laying off several hundred employees in film, television and corporate finance, a source familiar with the matter says. The lay-offs affect multiple teams around the world, including film and TV marketing, TV publicity and casting and development, the source said. Disney and other companies are reshaping their business strategies in response to the migration of cable TV audiences to streaming platforms. In 2023, Disney cut 7000 jobs as part of an effort to save $US5.5 billion ($A8.5 billion) in costs. Disney also laid off nearly 6 per cent, or fewer than 200 people, in the ABC News Group and Disney Entertainment Networks in March. The company's most recent earnings report in May exceeded Wall Street expectations with an unexpected boost from the Disney+ streaming service and strong results from theme parks. Media company Walt Disney is laying off several hundred employees in film, television and corporate finance, a source familiar with the matter says. The lay-offs affect multiple teams around the world, including film and TV marketing, TV publicity and casting and development, the source said. Disney and other companies are reshaping their business strategies in response to the migration of cable TV audiences to streaming platforms. In 2023, Disney cut 7000 jobs as part of an effort to save $US5.5 billion ($A8.5 billion) in costs. Disney also laid off nearly 6 per cent, or fewer than 200 people, in the ABC News Group and Disney Entertainment Networks in March. The company's most recent earnings report in May exceeded Wall Street expectations with an unexpected boost from the Disney+ streaming service and strong results from theme parks. Media company Walt Disney is laying off several hundred employees in film, television and corporate finance, a source familiar with the matter says. The lay-offs affect multiple teams around the world, including film and TV marketing, TV publicity and casting and development, the source said. Disney and other companies are reshaping their business strategies in response to the migration of cable TV audiences to streaming platforms. In 2023, Disney cut 7000 jobs as part of an effort to save $US5.5 billion ($A8.5 billion) in costs. Disney also laid off nearly 6 per cent, or fewer than 200 people, in the ABC News Group and Disney Entertainment Networks in March. The company's most recent earnings report in May exceeded Wall Street expectations with an unexpected boost from the Disney+ streaming service and strong results from theme parks. Media company Walt Disney is laying off several hundred employees in film, television and corporate finance, a source familiar with the matter says. The lay-offs affect multiple teams around the world, including film and TV marketing, TV publicity and casting and development, the source said. Disney and other companies are reshaping their business strategies in response to the migration of cable TV audiences to streaming platforms. In 2023, Disney cut 7000 jobs as part of an effort to save $US5.5 billion ($A8.5 billion) in costs. Disney also laid off nearly 6 per cent, or fewer than 200 people, in the ABC News Group and Disney Entertainment Networks in March. The company's most recent earnings report in May exceeded Wall Street expectations with an unexpected boost from the Disney+ streaming service and strong results from theme parks.
West Australian
3 days ago
- Business
- West Australian
Disney laying off several hundred in film, TV, finance
Media company Walt Disney is laying off several hundred employees in film, television and corporate finance, a source familiar with the matter says. The lay-offs affect multiple teams around the world, including film and TV marketing, TV publicity and casting and development, the source said. Disney and other companies are reshaping their business strategies in response to the migration of cable TV audiences to streaming platforms. In 2023, Disney cut 7000 jobs as part of an effort to save $US5.5 billion ($A8.5 billion) in costs. Disney also laid off nearly 6 per cent, or fewer than 200 people, in the ABC News Group and Disney Entertainment Networks in March. The company's most recent earnings report in May exceeded Wall Street expectations with an unexpected boost from the Disney+ streaming service and strong results from theme parks.
Perth Now
3 days ago
- Business
- Perth Now
Disney laying off several hundred in film, TV, finance
Media company Walt Disney is laying off several hundred employees in film, television and corporate finance, a source familiar with the matter says. The lay-offs affect multiple teams around the world, including film and TV marketing, TV publicity and casting and development, the source said. Disney and other companies are reshaping their business strategies in response to the migration of cable TV audiences to streaming platforms. In 2023, Disney cut 7000 jobs as part of an effort to save $US5.5 billion ($A8.5 billion) in costs. Disney also laid off nearly 6 per cent, or fewer than 200 people, in the ABC News Group and Disney Entertainment Networks in March. The company's most recent earnings report in May exceeded Wall Street expectations with an unexpected boost from the Disney+ streaming service and strong results from theme parks.
West Australian
30-04-2025
- Business
- West Australian
Nvidia CEO Jensen Huang warns China is ‘right behind' in AI, Trump's tariffs may risk the US falling short
Nvidia chief executive Jensen Huang said Wednesday that China is 'not behind' in artificial intelligence, and that Huawei is 'one of the most formidable technology companies in the world.' Speaking to reporters at a tech conference in Washington, DC, Mr Huang said China may be 'right behind' the US for now, but it's a narrow gap. 'We are very close,' he said. 'Remember, this is a long-term, infinite race.' Nvidia has become key to the world economy over the past few years as it makes the chips powering the majority of recent advanced AI applications. The company faces growing hurdles in the US, including tariffs and a pending Biden-era regulation that would restrict the shipment of its most advanced AI chips to many countries around the world. This month, the Trump Administration restricted the shipment of Nvidia's H20 chips to China without a license. That technology, which is related to the Hopper chips used in the rest of the world, was developed to comply with previous US export restrictions. Nvidia said it would take a $US5.5 billion ($8.6 billion) hit on the restriction. Huawei, which is on a US trade blacklist, is reportedly working on an AI chip of its own for Chinese customers. 'They're incredible in computing and network technology, all these essential capabilities to advance AI,' Mr Huang said. 'They have made enormous progress in the last several years.' Nvidia has made the case that US policy should focus on making its companies competitive, and that restricting chip sales to China and other countries threatens US technology leadership. Mr Huang called again for the US government to focus on AI policies that accelerate the technology's development. 'This is an industry that we will have to compete for,' Mr Huang said. President Donald Trump on Wednesday called Mr Huang 'my friend Jensen,' cheering the company's recent announcement that it planned to build $US500 billion in AI infrastructure in the US over the next five years. Mr Huang said he believes Nvidia will be able to manufacture its artificial intelligence devices in the US. The company said earlier this month that it will assemble AI servers with its manufacturing partner Foxconn near Houston. 'With willpower and the resources of our country, I'm certain we can manufacture onshore,' Mr Huang said. Nvidia shares are down more than 20 per cent this year, sliding along with the broader market, after almost tripling in value last year. The stock fell almost 3 per cent on Wednesday.
