Massive layoffs at Netflix again! Streaming company fires 300 employees in second round | Companies News

New Delhi: After recently laying off several employees, the popular video streaming platform Netflix has once again shown the exit door to another 300 employees in its second round of layoffs.

According to Variety, the cuts affect multiple business functions in the company, with the majority of jobs lost in the US. Read More: BSNL Unveils Rs 19 Prepaid Recharge Plan: Should You Buy It?

These new layoffs came just weeks after the streaming giant — with a global workforce of around 11,000 employees — made a first round of cuts of a similar magnitude in May. Read More: LIC Jeevan Labh Policy: Invest Rs 253 Every Day To Get Rs 55 Lakh, Here’s How

Netflix fired 150 employees and dozens of contractors and part-time employees at the time.

Several top-notch creative professionals from the original vertical series, such as Sebastian Gibbs and Negin Salmasi, were asked to go.

The platform also indicated that there would be more layoffs this year after that first group, as the platform tried to adjust to the greatly weakened share price.

A May report said Netflix saw its shares plummet 20 percent after it reported a 2 lakh loss of paid subscribers in the first quarter of 2022, its first subscriber loss in more than a decade.

Moreover, it now forecasts a global paid subscriber loss of 20 lakh for the April-June quarter (Q2).

Leave a Comment

Your email address will not be published.