Here Come More Lay Offs: Netflix Reduces Employee Count By 150, Mostly In U.S.

Here Come More Lay Offs: Netflix Reduces Employee Count By 150, Mostly In U.S.

A couple of days ago we wrote an article highlighting a lot of the layoffs being made as the U.S. heads face first into a recession and quantitative tightening. 

In addition to the names mentioned, Netflix is giving 150 employees – mostly in the U.S. – their walking papers. The lay offs are slightly less than 2% of the company’s total staff. 

The company explained to CNBC this week: “As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company.” 

It continued: “So sadly, we are letting around 150 employees go today, mostly US-based. These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition”.

The lay offs are less than one month after Netflix’s horrific earnings report that showed its first subscriber loss in a decade and helped shares fall more than 70% since January. 

Netflix is working on lower-priced ad-based tiers to help expand its reach, the company said last month. It’s also going to be cutting back on password sharing, a feature being used by more than 100 million households. 

We noted days ago that companies like Better, Noom, Canopy Growth and Robinhood were also all making layoffs. 

Tyler Durden
Wed, 05/18/2022 – 09:25

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