May 17, 2022
Netflix May 17 confirmed it has laid off 150 employees, less than 2% of its 11,000 global work force. The subscription streaming behemoth said the staffing cuts included mostly U.S.-based employees.
“These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues,” Netflix representative said in an email. “We’re working hard to support them through this very difficult transition. A number of agency contractors have also been impacted by the news announced this morning. We are grateful for their contributions to Netflix.”
The cuts come following a fiscal first quarter that saw Netflix a 200,000 net sub loss rather than a projected 2.5 million net gain. The sub growth downturn, which presages a projected two million sub loss in the current quarter, saw Netflix stock valuation plummet more than 50%.