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Netflix cuts 300 more employees


Wake up, go bankrupt.

Netflix laid off another 300 employees in its latest round of layoffs.

Going through The Hollywood Reporter:

Netflix has cut 300 more employees – around 3% of its workforce – marking the latest round of major layoffs at the beleaguered streaming giant.

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“Ted and I regret not having seen our revenue growth slow sooner so that we can ensure a more gradual readjustment of the business,” read a memo sent to staff Thursday by Netflix co-chiefs Reed Hastings and Ted Sarandos.

Approximately 216 affected personnel were in the United States; 30 employees were cut in Asia-Pacific countries; 53 in Europe, the Middle East and Africa; and 17 in Latin America, the memo says.

“We know that these two sets of layoffs have been very difficult for everyone, creating a lot of anxiety and uncertainty. We plan to return to a more normal course of business in the future. And as we reduce in certain areas, we also continue to invest heavily in our content and employees: Over the next 18 months, our employee base is expected to grow from approximately 1.5,000 to 11.5,000,” Hastings and Sarandos.

Netflix began layoffs earlier this year after its shares fell.

The streaming giant reported a loss of 200,000 subscribers in the first quarter.

Meanwhile at Netflix:





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