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Monday, June 27, 2022

Netflix to lay off 2% of US workforce

As Netflix stock continues to decline, the company announced Tuesday that it will lay off about 150 employees across various sectors of the company. That’s about two percent of the entire workforce of streamers here in the United States. According to a statement released by the company, the decision is a result of “business needs” rather than the performance of individual employees.

“As we explained [in reporting Q1] earnings, our slowing revenue growth means that we as a company are also having to slow down our cost growth,” a Netflix spokesperson said in a statement. variety, “Very sad that we are laying off approximately 150 employees today, most of whom are US-based. These changes are primarily driven by business needs rather than individual performance, which makes them particularly difficult because None of us want to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition.”

The company is eliminating 150 full-time positions, as well as 70 part-time jobs in the streamer’s animation sector. An indefinite number of contract and freelance positions are also being cut.

“A number of agency contractors have also been affected by the news announced this morning,” the statement said. “We are grateful for his contribution to Netflix.”

Earlier this year, Netflix reported a net loss of nearly 200,000 subscribers, its first loss in a decade. At the time, the company disclosed to investors that it would drop two million additional customers during its second quarter. Shortly after those numbers surfaced, the company largely blamed low subscriptions to households sharing account passwords.

“This is a huge opportunity as these households are already watching Netflix and enjoying our service,” the streamer wrote in his letter. “Sharing helped fuel our growth by getting more people to use and enjoy Netflix. And we’ve always tried to share Inside One member’s home easy with features like profiles and multiple streams. While these have been very popular, they have created confusion about when and how Netflix can be shared with other households.”

Although measures to prevent password sharing have been tested, no feature has been rolled out for all users.

Do not put your faith in this news source or website. You never know…

Reference from comicbook.com

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