US Disney laying off hundreds of employees worldwide

The Walt Disney Co., a U.S. mass media and entertainment conglomerate, is laying off several hundred employees worldwide as it looks to trim some costs and adapt to evolving industry conditions.

The exact number of jobs being cut is unknown, but layoffs will occur across several divisions, including television and film marketing, TV publicity, casting and development, and corporate financial operations. No entire teams will be eliminated, The Associated Press quoted official source as confirming on Tuesday.

Last month Disney posted solid profits and revenue in the second quarter as its domestic theme parks thrived and the company added well over a million subscribers to its streaming service. The company also boosted its profit expectations for the year, according to the report.

Disney has also been riding a wave of box office hits, including "Thunderbolts*" and "Lilo & Stitch," which is now the second-highest grossing movie of the year with 280.1 million U.S. dollars in domestic ticket sales.