The first round of layoffs at The Walt Disney CompanyDisney Company was not limited to the stateside, but extended to the Far East as well.
According to The Wall Street Journal, more than 300 employees were laid off in Beijing because of the entertainment giant's layoff of more than 300 employees who worked on its streaming services.
The cuts are part of a cost-cutting and restructuring plan that began this week and will result in the loss of 7,000 jobs.
The layoffs focused on technology employees who were working in areas of Disney's streaming services.
Disney has made streaming a focal point of its business.
Disney operates several streaming services, including Disney in many parts of the world except for mainland China, ESPN and Hulu in the U.S. and Disney Hotstar in Asia.
The company has been under pressure to control costs and aims to reach profitability by September 2024.
The service has lost nearly $10 billion since its launch in 2019.
Robert Iger returned as Disney CEO in November after the removal of Bob Chapek.
The company said it would make $5.5 billion in budget cuts and reduce head count.