Netflix Facing Another Round of Layoffs: Report

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Netflix Facing Another Round of Layoffs: Report

Netflix could have another round of layoffs as early as this week, according to Variety.

The streaming giant, which has seen its stock price plummet more than 70% this year, already cut 150 positions across its organization in May. The upcoming layoffs could be similar in size, with impacted employees expected to be informed at the end of this week, Variety reported Monday.


Netflix shares have cratered since the streaming platform reported in April that it lost 200,000 subscribers during the first quarter—the first time that the company shed customers in more than a decade—and expects to shed another 2 million subscribers in the current second quarter. The streamer has blamed heightened competition, password sharing and Russia’s invasion of Ukraine, among other issues, for the loss in customers.

On Netflix’s first-quarter earnings call, CFO Spencer Neumann said that amid slowing revenue growth, the company will look to “protect our operating margins” over the next two years by “pulling back on some of our spend growth across both content and non-content spend.” Netflix began cutting costs a few weeks later, laying off about 25 people in its marketing division, including at its editorial website Tudum.

Although Netflix is navigating unique problems, it is far from the only tech firm that has slashed staff in recent weeks amid increasingly precarious economic conditions.

Subscribe to our newsletter to catch every headline.

Cadence

Snap’s Fourth Quarter Revenue Was the Company’s Slowest Growth Since Its IPO Six Years Ago

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College and previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

​Snap logo over a bunch of snap shots
Sebastian Miño-Bucheli

Snap Inc.’s trend of growing its user base but failing to adequately monetize them continues.

Read moreShow less
https://twitter.com/samsonamore
samsonamore@dot.la

Meet the Mastermind Behind Jennifer Lopez’s Skincare Brand

Yasmin Nouri

Yasmin is the host of the "Behind Her Empire" podcast, focused on highlighting self-made women leaders and entrepreneurs and how they tackle their career, money, family and life.

Each episode covers their unique hero's journey and what it really takes to build an empire with key lessons learned along the way. The goal of the series is to empower you to see what's possible & inspire you to create financial freedom in your own life.

Meet the Mastermind Behind Jennifer Lopez’s Skincare Brand
Lisa Sequino

On this episode of Behind Her Empire, JLo Beauty Co-founder and CEO Lisa Sequino discusses how she transitioned from her corporate career to a more entrepreneurial path.

Read moreShow less
RELATEDEDITOR'S PICKS
LA TECH JOBS
interchangeLA
Trending