Disney plans to freeze hiring and cut some jobs, according to an internal memo.

The move comes after Disney reported disappointing quarterly results, sending the company’s stock down to a new 52-week low

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Disney CEO Bob Chapek sent a memo to division leaders Friday afternoon.

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Bob Chapek, who had been with the company for 18 years and was chairman of Disney Parks

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Chapek wrote. “We are going to have to make tough and uncomfortable decisions

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Disney has approximately 190,000 employees.

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Disney is also establishing “a cost structure taskforce” to be made up of Chief Financial Officer Christine McCarthy, General Counsel Horacio Gutierrez and Chapek.

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Disney’s streaming services lost $1.47 billion last quarter, more than double the unit’s loss from a year prior

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