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Netflix is laying off 300 jobs in the second round, amid a lack of revenue targets.
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24 Jun 2022 11:51 a.m.
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Netflix
has announced it is laying off 300 more employees, its second layoff in a month.
The main reason for the layoffs was netflix's slower revenue growth.
The layoffs happen once again for Netflix.
World's largest streaming service provider
By announcing the layoffs this time
This marks the second layoff in just one month.
At that time, 150 employees were cut, representing 3 percent of the total workforce.
netflix staff cuts
There was a major reason they lost their membership for the first time in 10 years.
During the first-quarter 2022 earnings call, Netflix lost nearly 70 percent of its value, especially as it dropped 200k subscribers. By 2022, Netflix is expected to lose 2 million subscribers.
A Netflix statement reveals today is the day we are deeply saddened to have released about 300 employees as we continue to invest heavily in the business.
We need to adjust expenses based on slower revenue growth.
We are extremely grateful for everything they have done for Netflix.
Currently, Netflix has about 11,000 employees.
In the past, the streaming business has always been a monopoly on Netflix's leadership.
But the presence of Disney Plus and HBO Max, as well as other competitors, has intensified the intensity of the streaming business.
along with causing the throne of Netflix's leader to shake in the end
In addition to the matter of competition
Netflix is also facing an economic crisis.
high inflation
War between Russia and Ukraine
until the situation of COVID-19
which, although not yet finished
But consumers have begun to return to their normal lives more.
in terms of new policies
that netflix is preparing to dig to use to recover the situation at this time
It will range from issuing packages at a lower price, adding an advertising system.
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Source: Variety.
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