Extract a key sentence from the following content: The company's begun the first of what was expected to be 7,000 job cuts, a key part of a $5.5 billion savings drive the company announced back in February. NAME_1 of Bloomberg Intelligence joins me now with more. We knew this was coming and they are enacting those layoffs. Good news for the stock, right? Yes, this was very much expected. We have about $5.5 billion as you just mentioned in cost cuts. About 3 billion of those are from content savings, but about 2