Netflix hit more layoffs this week

Netflix is preparing for his next round of abbreviations as the streaming giant seeks to reduce costs as a result of stock problems.

Affected employees are expected to be informed by the end of the week. It is unclear which departments will be affected, but sources suggest the cuts could be similar in size to the range of cuts taken in May. At that time, Netflix laid off 150 employees and dozens of contractors and part-time workers. When these cuts were announced, Netflix said there would be other pink slip circles in 2022. Netflix has a global workforce of approximately 11,000 employees.

Shares of Netflix fell sharply and the company lost nearly 70% of its value since it revealed this spring that it had lost nearly 200,000 subscribers. This frightened Wall Street and sparked a sell-off. Shares of Netflix traded north of $ 600 in January. Today, they are hovering around $ 175 per share.

A Netflix spokesman declined to comment.

Netflix has pioneered the streaming space, attracting customers and revolutionizing the way movies and TV shows are consumed and distributed. But in recent years, it has faced stiff competition. Disney, Comcast and Warner Bros. All Discovery is spending big on launching Disney +, Peacock and HBOMax, which is putting pressure on Netflix to attract and retain subscribers. At the same time, the media sector has been hit by recessionary fears that have plunged the market into bearish territory. Netflix is ​​not the only Hollywood player to cut staff. Warner Bros. Discovery also has layoffs as it seeks to reduce costs and debt.

Jazz Tangcay contributed to this report.

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