Thursday, December 8, 2022

After losing customers, Netflix cuts about 300 jobs

About 300 people will lose their jobs at Netflix today. This is the second time the company has let people go. The company said at the beginning of May that it would be letting go of about 150 employees and dozens of contractors.

A Netflix representative named Bao Nguyen sent the statement. The quote indicates that the job cuts impact “many different teams”. But most actually impact people in the U.S., but jobs are also getting trimmed in other countries. Variety was the first news source to report that people had lost their jobs.

“We must make the difficult decision today to let go of roughly 300 people’s jobs,” Netflix spokesperson Nguyen revealed. We make these changes to make sure that the rate at which our expenses go up matches the rate at which our income goes up. This is important because we are still putting a lot of money into the business.

The most recent round of layoffs happened after Netflix’s disappointing financial report for the first quarter of 2018. In that report, the company said that its revenue growth was slowing and that it had lost subscribers for the first time in more than a decade. The company also said that it had slowed down the rate at which it was hiring new people.

When asked if Netflix might lay off more people in the near future, Nguyen did not answer. Reed Hastings and Ted Sarandos, the co-CEOs of Netflix, told their employees in an email that “we hope to return to a more normal business course going forward”. The Hollywood Reporter was able to get a copy of the transcript of this conversation.

Read more: IT Minister Wants IT and Telecom Sector Exemption from Taxes

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