Jun 23, 2022 | News

300 Employees Axed in Largest Layoff Since Subscriber Downturn

300 Employees Axed in Largest Layoff Since Subscriber Downturn

The bloodletting at Netflix continued on Thursday as the far-left-wing streamer axed an additional 300 employees worldwide, or about 3 percent of its workforce — the company’s largest layoff since its subscriber downturn in the first quarter.

Netflix handed out pink slips to 216 staffers in the U.S. and Canada, with the remainder of the cuts coming from other regions throughout the world. according to an official statement sent to  multiple news outlets.

In May, the streamer laid off 150 employees, or 2 percent of its workforce, as part of its ongoing efforts to cut spending amid a catastrophic subscriber forecast for the months ahead. Netflix said it could lose up to 2 million subscribers in the coming months after unexpectedly losing 200,000 customers in the first quarter of the year.

Those layoffs were preceded by smaller staffing cuts in Netflix’s animation department and in-house fan site, Tudum.

Netflix leaders described Thursday’s layoffs as ” very hard for everyone – creating a lot of anxiety and uncertainty.”

“We plan to return to a more normal course of business going forward. And as we cut back in some areas, we also continue to invest significant amounts in our content and people,” co-CEO Reed Hastings said in a memo obtained by The Hollywood Reporter.

He said Netflix plans to increase its employee base during the next 18 months.

Customers are abandoning Netflix in droves as the streamer faces competition from Disney+, HBO Max, and other services launched by legacy studios. Subscribers are also growing increasingly fed up with Netflix’s left-wing programming that has pushed woke politics and embraced former first couple Barack and Michelle Obama, who have a production deal with the streamer.

Netflix shares are down a staggering 70 percent for the year so far.

Follow David Ng on Twitter @HeyItsDavidNg. Have a tip? Contact me at [email protected]

Source link

We are only showing you a preview of the content, we are curating news worth reading and sharing. Please follow the source link above to read the full content.

Telegram comments:

we use telegram comments to deter spammers.