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Disney’s restructuring, PepsiCo sales, Robinhood earnings: 3 things to know today

Yahoo Finance Live’s Julie Hyman summarizes three key topics to watch on Thursday ahead of the opening bell.

Video Transcript

JULIE HYMAN: This is "Yahoo Finance Live." I'm Julie Hyman with Brad Smith and Brian Sozzi. And here are the three things you need to start your day.

Disney CEO Bob Iger announcing plans to cut 7,000 jobs and $5 and 1/2 billion in costs. This move is part of a major reorganization that will separate the company into three divisions-- entertainment, ESPN, and parks. Iger also promised to make money from streaming in the coming quarters after the direct-to-consumer business lost $1.05 billion on an operating basis in the quarter.

The changes come amid a proxy fight with activist investor Nelson Peltz and his firm, Trian Management. Bob Iger's comments that dividends would return was widely interpreted as a win for Peltz.

PepsiCo sales rose by nearly 11% last quarter. That's more than analysts estimated. Profit also topped forecasts as higher snack and drink prices offset rising costs. The company boosted its annual dividend and announced plans to repurchase $1 billion worth of shares. The maker of Mountain Dew and Gatorade has battled higher commodity and labor costs as well as a strong dollar eating into international revenue. Pepsi says it expects inflationary pressures to persist, though it sees resilient consumer demand.

And retail trading app Robinhood's cash flow continued to improve last quarter as its adjusted EBITDA beat estimates, even as revenue missed forecasts and crypto trading revenue fell in particular. Monthly active users declined for the sixth straight quarter to 11.4 million in another sign that the retail trading craze continues to fade. During the company's peak in early 2021, monthly active users surpassed 21 million. The company's board also approved a plan to purchase up to 55 million shares bought by former FTX CEO Sam Bankman-Fried from last year.