On Wednesday, the Walt Disney Company announced it would be cutting roughly 7,000 jobs from its workforce. The announcement makes it the latest major company to announce layoffs numbering in the thousands as economic uncertainty and fears of an economic slowdown are leading companies to trim excess payrolls.

Announced by Bob Iger during the company’s first annual earnings call, Disney said it hoped the reorganization would save the company billions of dollars.

The company said it expects the reorganization will save it $5.5 billion, trimming $1.5 billion in operating costs, as well as another ‘$3 billion from cutbacks in non-sports content, factoring in the jobs cuts.

Disney shares rose on the news of the job cuts in extended trading after the announcement. The company also had revealed it had beat analyst estimates, as earnings per share came in at $0.99 beating estimates of $0.78.

On the earnings call, Iger also announced that “Toy Story,” “Frozen” and “Zootopia” have sequels in the pipeline, saying, “Today, I’m so pleased to announce that we have sequels in the works from our animation studios to some of our most popular franchises, ‘Toy Story,’ ‘Frozen’ and ‘Zootopia’. We’ll have more to share about these productions soon, but this is a great example of how we’re leaning into our unrivaled brands and franchises.”

Disney now adds its name to the list of companies which have cut staffing in light of economic conditions, from tech companies like Microsoft, Amazon, Meta, and Google parent Alphabet, to Wall Street giants like Goldman Sachs.