Get Woke, Go Broke: Netflix Axes 300 More Employees
Get woke, go broke.
Netflix axed another 300 employees in its latest round of layoffs.
Netflix has cut an additional 300 employees — around 3 percent of its workforce — marking the latest round of major layoffs at the beleaguered streaming giant.
“Both Ted and I regret not seeing our slowing revenue growth earlier so we could have ensured a more gradual readjustment of the business,” read a note sent to staff on Thursday from Netflix co-chiefs Reed Hastings and Ted Sarandos.
About 216 staffers impacted 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 stated.
“We know these two rounds of layoffs have been 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: over the next 18 months, our employee base is planned to grow by ~1.5K to ~11.5K,” Hastings and Sarandos wrote.
Netflix began layoffs earlier this year after its shares cratered.
The streaming giant reported a loss of 200,000 subscribers in the first quarter.
Meanwhile at Netflix:
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