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Disney CEO Bob Iger says company is looking to cut costs by $7.5 billion

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CEO Bob Iger is looking to further trim costs at the Disney, with the entertainment giant saying Wednesday it has 'increased our annualized efficiency target' to $7.5 billion.

Disney CEO Bob Iger is looking to further trim costs at the entertainment giant. He and the company said Wednesday afternoon that it has "increased our annualized efficiency target to $7.5 billion" while continuing to "aggressively manage" its cost base. Disney had said in February it wanted to save $5.5 billion across the company. With the new cost-reduction goal, that means $2 billion more in costs will get trimmed.

Disney is "on track" to achieve the new savings, Iger said during the earnings call. He added that the "thorough restructuring" it has been engaged in "has enabled tremendous efficiency." Earlier in the year, the company moved to have just entertainment, sports and experiences segments and slashed thousands from its headcount, among other measures. Disney said Wednesday its fourth-quarter revenue came in at $21.24 billion and its net income hit $246 million.

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