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Disney to layoff 28,000 employees

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Yahoo Finance’s Seana Smith and Myles Udland report breaking news from Disney saying that the company will layoff 28,000 employees from across its Parks, Experiences, and Consumer Products segments.

Video Transcript

SEANA SMITH: We want to get to some breaking news here after hours. Disney [? outlook ?] plans to lay off 28,000 employees. Myles has the latest on this for us. Myles.

MYLES UDLAND: Yeah, Seana. Stock off about 1 and 1/2% after hours following this news, CNBC reporting the company will lay off 28,000 people across its parks, experiences, and consumer products segments. Now, two thirds of those said to be laid off were part time employees. But that still brings the full time layoffs at Disney as part of this move to north of 9,000 workers. So certainly, we've talked a lot over the last few months about would there be not just a second wave of the coronavirus but a second wave of layoffs downsizing in corporate America. Disney it seems taking steps towards that end with the news today. Seana.