Netflix has laid off around 300 people in its latest round of job cuts. Most of the layoffs were in the US, according to Variety, and a number of departments were affected.
“Today we sadly let go of around 300 employees,” a Netflix spokesperson told the publication. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
This is Netflix's second round of layoffs due to slowing revenue growth. It laid off 150 employees, along with many part-time workers and contractors, back in May. The company has around 11,000 employees around the globe.
Netflix also let go 10 or so staffers from its marketing department and in-house news site, Tudum, in April. Those particular layoffs were due to a reorganization of Netflix's marketing team. Those were said to be normal business decisions and were not directly connected to cost reductions.
The latest layoffs follow a steep drop in Netflix’s share price, which has fallen by around 70 percent since the beginning of the year. In the first quarter of 2022, the company’s subscriber count dropped for the first time. It fell by 200,000, in large part because Netflix pulled out of Russia and lost 700,000 subscribers there. In its latest earnings report, Netflix said it expects to lose as many as 2 million subscribers in the current quarter too.
I guess giving all that money to the Obamas didn't quite work out the way they planned, huh? This is pretty fuckin' funny, actually. Do you know anyone (or anyone you know or anyone they know) who's ever seen anything these people are involved in? It's a friggin' joke.
Here's how the great and powerful Oprah covered it:
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