June 23, 2022
Netflix has reportedly laid off another 300 employees, on top of the 150 staffers let go in May. The service didn’t outline in which departments the cuts were made.
The streaming behemoth, which employs about 11,000 people worldwide, has been downsizing following a disappointing fiscal quarter that saw the service lose a net 200,000 subscribers. Netflix had projected a subscriber gain of about 2.5 million.
“Today we sadly let go of around 300 employees,” Netflix said in a statement. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
Co-CEO and chief content officer Ted Sarandos, who was at the Cannes Lions advertising summit in France, didn’t comment on the layoffs. He did mention that as a Wall Street hero for years, especially during the pandemic when it 28 million subs, Netflix takes the good with the bad.
“We’ve gotten through experiences where the market disconnects from core business and you have to prove the thesis still works, and is going to work long-term,” Sarandos said. “There’s a lot of uncertainty in the world today, and if they get anything that rocks the foundation of the narrative, they get nervous.