As Its Stock Drops, Netflix's Employee Morale Is In Freefall, Too
Photo by Venti Views on Unsplash

As Its Stock Drops, Netflix's Employee Morale Is In Freefall, Too

Netflix’s poor first-quarter earnings report has led to both a falling stock price and falling workforce morale.

After the streaming service disclosed a large subscriber loss in its earnings last week—triggering a roughly 40% decline in its shares since—many Netflix employees are reconsidering their futures at the company, with their confidence in its future direction shaken and their stock options looking increasingly skint, Bloomberg reported. Some employees have even requested new stock grants to make up for their losses, according to The Information.


The disappointing results have also led Netflix to evaluate its current spending levels, which will likely force employees to succeed with smaller budgets and fewer people. Bloomberg reported that Netflix is already restructuring teams in its engineering department—which have largely consisted of one leader overseeing a team of similarly-ranked people—to add seniority levels, a move considered to be a cost-cutting measure.

Other changes have already occurred in Netflix’s animation department, where the company has laid off Phil Rynda, its director of creative leadership and development for original animation, and several other employees, The Wrap reported last week.

Netflix has grown from 2,000 to 11,000 employees in the last eight years, according to Bloomberg, with most of its new hires based either internationally or in Hollywood. Co-founder Reed Hastings has boasted of a company culture based on freedom and responsibility—values that could now come under pressure amid heightened constraints.

Netflix disclosed its first net subscriber loss in over a decade in its earnings report, placing much of the blame on password-sharing—a practice it said it would be cracking down on. The company also indicated that it will be incorporating ads via a cheaper subscription tier to entice new subscribers.

https://twitter.com/ksnyder_db
You Can Now Find Nearby Bird Scooters on Google Maps

People navigating via Google Maps can now easily see Bird scooters available along their routes. Google also added San Francisco-based Spin to their app this week.

The move is the latest in Santa Monica-based Bird's partnerships with mobility-as-a-service platforms around the globe, such as Skipr and Tranzer. The company said in May that it plans to go public in a SPAC valued at $2.3 billion.

Read moreShow less
Caitlin Cook
Caitlin Cook is an editorial intern at dot.LA, currently earning her master's degree in mass communication from California State University, Northridge. A devoted multimedia journalist with an interest in both tech and entertainment, Cook also works as a reporter and production assistant for MUSE TV. She got her Bachelor of Fine Arts in Filmmaking from University of North Carolina School of the Arts.
Here's How To Get a Digital License Plate In California

Thanks to a new bill passed on October 5, California drivers now have the choice to chuck their traditional metal license plates and replace them with digital ones.

The plates are referred to as “Rplate” and were developed by Sacramento-based Reviver. A news release on Reviver’s website that accompanied the bill’s passage states that there are “two device options enabling vehicle owners to connect their vehicle with a suite of services including in-app registration renewal, visual personalization, vehicle location services and security features such as easily reporting a vehicle as stolen.”

Read moreShow less
Steve Huff
Steve Huff is an Editor and Reporter at dot.LA. Steve was previously managing editor for The Metaverse Post and before that deputy digital editor for Maxim magazine. He has written for Inside Hook, Observer and New York Mag. Steve is the author of two official tie-ins books for AMC’s hit “Breaking Bad” prequel, “Better Call Saul.” He’s also a classically-trained tenor and has performed with opera companies and orchestras all over the Eastern U.S. He lives in the greater Boston metro area with his wife, educator Dr. Dana Huff.
steve@dot.la
RELATEDTRENDING
LA TECH JOBS
interchangeLA