CNN— Disney became the latest company to report deep job cuts, as it said it would cut 7,000 jobs from its global workforce.

“While this is necessary to address the challenges we’re facing today, I do not make this decision lightly,” said CEO Bob Iger, who returned to lead the company in November when the board fired Bob Chapek as the company’s leader. I have enormous respect and appreciation for the talent and dedication of our employees worldwide, and I’m mindful of the personal impact of these changes.”

The cuts come as the company announced better than expected financial results. Disney revenue in the quarter rose 8% to $23.5 billion, edging past estimates of $23.4 billion from analysts surveyed by Refinitiv.

But earnings, while slightly lower than a year ago, shot past forecasts, coming in at 99 cents a share excluding special items. That’s down from the $1.06 per share it earned on that basis a year earlier, but far better than the forecast of 78 cents a share.

– This is a developing story