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.

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LA Tech ‘Moves’: Adtech Firm OpenX Lures New SVP, Getlabs and DISQO Tap New VPs

Decerry Donato

Decerry Donato is dot.LA's Editorial Fellow. Prior to that, she was an editorial intern at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

LA Tech ‘Moves’: Adtech Firm OpenX Lures New SVP, Getlabs and DISQO Tap New VPs
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“Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

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Decerry Donato

Decerry Donato is dot.LA's Editorial Fellow. Prior to that, she was an editorial intern at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

This Week in ‘Raises’: Miracle Miles Lands $100M, Fintech Startup Tapcheck Hauls $20M
Image by Joshua Letona

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