Netflix lays off 300 additional employees in new round of job cuts › TheWtcho

Netflix lays off 300 additional employees in new round of job cuts › TheWtcho
Netflix lays off 300 additional employees in new round of job cuts › TheWtcho

A little over a month after announcing that 150 people had left their jobs, Netflix has just announced that it has added 300 more employees to that number.

As Netflix continues to regulate its business technique after a significant loss of revenue in early 2021, the company continues to make changes by adjusting the number of staff. The company has laid off several employees, with most of the layoffs occurring in the US.

According to the Hollywood Reporter:

About 216 affected staff members had been to the US; Reduced 30 employees in international locations in Asia Pacific; 53 in Europe, the Middle East and Africa; and 17 in Latin America.

Netflix co-heads Reed Hastings and Ted Sarandos said:

We all know that these two rounds of layoffs have been very difficult for everyone, creating a lot of nervousness and uncertainty. We plan to return to a more normal course of business in the future. And as we scale back in some areas, we also continue to speculate significant amounts on our content and friends: Over the next 18 months, our worker base is planned to grow by between ~1.5K and ~11.5K.

As previously reported, 150 employees were laid off as a result of the revenue increase in May. According to Forbes, a company spokesperson made it clear that the recent layoffs had nothing to do with the performance of any particular person, and were strictly based on company needs and slow revenue growth. The spokesman said, “none of us wants to say goodbye to such good colleagues.” They added that the company intends to “help them through this very difficult transition.”

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Forbes notes that during the first quarter, Netflix reported that it lost around 200,000 subscribers, and they expect to lose 2 million more during this quarter. With the lack of subscribers, the company’s inventory has also dropped by almost 35%.

Roomies, what do you care about this?