Categories
Biden Cartel Commentary Economy Links from other news sources. WOKE

Disney, Target, and Anheuser-Busch found out what going WOKE does to the bottom line.

Visits: 35

Disney, Target, and Anheuser-Busch found out what going WOKE does to the bottom line. Don’t let anybody fool you. A corporations first loyalty is making money for the stockholders.

This social loyalty to the bottom of the barrel gets you nowhere. The WOKE crowd doesn’t care. Look what going WOKE did for Disney, Target, and Anheuser-Busch.

As sales began to plummet, Brendan Whitworth, the CEO of Anheuser-Busch, addressed the controversy on April 14, claiming the company “never intended to be part of a discussion that divides people.”

By May, Anheuser-Busch had dropped $27 billion in market value and sales were down nearly 30% compared to the previous year.

In July, the company announced it was laying off hundreds of workers. In its third quarter, the company suffered a 13.5% decline in U.S. revenue and a 17.1% decline in North American sales volume.

Target’s stock took a hit and its sales experienced a downturn in its second quarter. CEO Brian Cornell acknowledged the impact the fallout had on sales in a call with reporters in August, FOX Business reported.

“Finally, people are seeing that when companies get involved in these social and political issues that have nothing to do with their mission and their stock price plummets — that’s bad for these companies, that’s bad for people relying on them just to make them money so they can retire with dignity,” Frericks said

Disney’s stock price is down over 5% year to date compared to the benchmark S&P 500, which is up more than 13% in that same period. Meanwhile, Disney shares have dropped over 29% in the past five years and have traded near nine-year lows in October.

Loading

105
Categories
Progressive Racism WOKE

Has Disney learned their lesson? More WOKE stories are on the way.

Visits: 60

Has Disney learned their lesson? More WOKE stories are on the way. Hopefully this is the first of many stories about companies that went WOKE and are now suffering because of it.

Disney will reduce its workforce by 7,000 employees in a bid to cut costs, Iger said Wednesday on the company’s earnings call for the year-end 2022 quarter. The figure represents 3.2% of Disney’s total headcount of about 220,000 worldwide as of Oct. 1, 2022.

The layoffs are part of Disney’s efforts to achieve about $5.5 billion in cost savings. Of that, $2.5 billion represents “non-content costs” (including labor costs) and $1 billion of those targeted cost-reductions are already underway, Iger said. Disney is aiming for an annualized reduction of $3 billion in non-sports content costs, expected to be realized over the next several years, Disney CFO Christine McCarthy told analysts.

One of their acts of desperation will be bringing back Tim Allen for Toy Story 5. Let’s see if they clean it up after the disastrously  4.

Loading

193
Categories
Daily Hits. Economy Just my own thoughts

Disney finds out what happens when you go after Conservatives. Huge losses, and layoffs.

Visits: 56

So what happens when you go after Conservatives who are some of your biggest customers? Huge losses, layoffs, and major cutbacks. They thought they would go after one of the leading Presidential candidates and not suffer for it?

CNBC reported:

The moves come after Disney reported disappointing quarterly results. Shares of the company fell sharply Wednesday, hitting a new 52-week low, before rebounding later in the week.

McCarthy said during Disney’s earnings call Tuesday that the company was looking for ways to trim costs.

“We are actively evaluating our cost base currently, and we’re looking for meaningful efficiencies,” she said. “Some of those are going to provide some near-term savings, and others are going to drive longer-term structural benefits.”

Disney’s streaming services lost $1.47 billion last quarter, more than double the unit’s loss from a year prior. McCarthy said losses will improve in 2023, and Chapek has promised streaming will become profitable by the end of 2024.

Other large media and entertainment companies, including Warner Bros. Discovery and Netflix, have cut jobs this year as valuations have slumped. Disney hasn’t announced any plans to eliminate jobs.

Let this be a lesson to others who go Woke.

 

Loading

216
Verified by MonsterInsights