Chief Executive Bob Iger announced during an earnings call Wednesday that The Walt Disney Co. would cut 7,000 jobs. That’s more than 3% of the company’s workforce.

The Burbank-based company announced the layoffs as part of its goal of $5.5 billion in cost savings.

Iger announced other upcoming changes as well, including a new operating structure organized by Disney’s core business segments. There will be an ESPN division; a Parks, Experiences and Products division; and Entertainment, which will include most streaming and media operations.

Iger returned to the Disney chief executive role in November. He had previously served as chief executive of Disney from 2005 to 2020. He replaced his successor in the position, Bob Chapek.

Iger will be chief executive for two years, a term he agreed to when he returned to the iconic company, during which time he is looking to grow Disney and find a successor.

The company just beat Wall Street estimates on revenue and handily beat on earnings in its fiscal first quarter.

The Burbank-based entertainment and media giant reported adjusted net income of $2.5 billion (99 cents a share) for the quarter ending Dec. 31, compared with adjusted net income of $2.7 billion ($1.06) in the same period a year earlier. Revenue increased by 8% over the prior year to $23.5 billion.