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WEKU

Neda Ulaby

Disney's Bob Iger is swinging the ax as he plans to lay off 7,000 workers worldwide

Bob Iger Disney

Disney plans to lay off 7,000 employees worldwide. The announcement is part of returning CEO Bob Iger's statement to his board about the company's finances moving forward. (Patrick T. Fallon/AFP via Getty Images)

The Walt Disney Co. announced plans Wednesday to cut about 4% of its entire workforce. That means layoffs for 7,000 employees.

The company's stock increased immediately after the announcement, which was expected.

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