Netflix lays off 300 employees as streaming war heats up
Netflix is laying off 300 more employees afterSLOTMay just laid off 150 jobs in the heat of the streaming war.
On June 24, 2022, CNN reported that Netflix was laying off 300 employees in the middle of a difficult year for the streaming giant.
A Netflix spokesperson told CNN Business on Thursday that As we continue to invest significantly in the business Modifications increase our costs. while revenue growth slows
“We are very grateful for everything they have done for Netflix. And we are working hard to help them get through this difficult transition.”
Variety, which was the first media to report the news, stated that Thursday's layoffs affected about 3 percent of Netflix's employees, which are part of the 11,000 full-time employees. Most of the layoffs occurred in the United States as well.
last month Netflix just laid off 150 employees, citing slow revenue growth.
Variety reported that Netflix shares fell nearly 70 percent after announcing a decline of 200,000 at the end of Q1 and expecting to lose another 2 million in Q2.
on thursday Netflix shares opened at $180.08 per share. and trading at $180.93 while in January Netflix shares traded above $600.
Netflix previously said it was committed to cutting costs to maintain gross margins at 20%, and plans to spend $17 billion aggressively on content by 2022. It's a number that's close to 2021.
After years of reigning in the streaming wars Eventually, Netflix began to suffer from new competitors such as Disney Plus, Peacock, Paramount Plus. Warner Bros. and HBO Max
Netflix's battle is a result of recession concerns. And Netflix isn't the only company in Hollywood that's laying off employees. Warner Bros. Discovery previously laid off key employees. It is expected to reduce costs and the company's debt burden. After the merger between Warner Media and Discovery