A file photo of visitors watching a performance at the Cinderella Castle at the Walt Disney Co. Magic Kingdom park in Orlando. Image Credit: Bloomberg

Walt Disney Co is planning to freeze hiring and cut some jobs, according to a memo seen by Reuters on Friday.

"We are limiting headcount additions through a targeted hiring freeze," Chief Executive Officer Bob Chapek wrote in the memo sent to its division heads.

"Hiring for the small subset of the most critical, business-driving positions will continue, but all other roles are on hold." The move comes after Disney missed Wall Street estimates for quarterly earnings on Tuesday as the entertainment giant racked up more losses from its push into streaming video. Shares of the company fell more than 13% on Wednesday following its results.

Corporate America is making deep cuts to its employee base to brace for an economic downturn.

Meta Platforms said earlier this week it would cut more than 11,000 jobs, or 13% of its workforce to rein in costs.