After previously laying off a number of workers, well-known video streaming service Netflix has now let 300 more workers go in a second wave of layoffs. Variety reports that the corporation is making layoffs across a number of its business functions, with the majority of the positions lost in the US. This news has shell-shocked several workers as they lost their jobs suddenly and few of them even served a notice period.
These recent layoffs occurred only a few weeks after the streaming behemoth, which employs over 11,000 people worldwide, made an initial round of similar-sized reductions in May. At that time, Netflix fired 150 full-time employees as well as numerous contractors and part-time staff. Sebastian Gibbs and Negin Salmasi, among other outstanding creatives from its initial series vertical, were asked to leave.
Additionally, the platform warned that there might be additional rounds of layoffs this year beyond the initial batch as it attempted to recover from its sharply declining stock price. According to a May report, Netflix saw its first subscriber drop in more than a decade when it recorded a loss of 2 lakh paid customers in the first quarter of 2022. Additionally, it now projects a 20 lakh global paid subscriber loss for the April-June period (Q2).
These recent layoffs occurred only a few weeks after the streaming behemoth, which employs over 11,000 people worldwide, made an initial round of similar-sized reductions in May. At that time, Netflix fired 150 full-time employees as well as numerous contractors and part-time staff. Sebastian Gibbs and Negin Salmasi, among other outstanding creatives from its initial series vertical, were asked to leave.
Additionally, the platform warned that there might be additional rounds of layoffs this year beyond the initial batch as it attempted to recover from its sharply declining stock price. According to a May report, Netflix saw its first subscriber drop in more than a decade when it recorded a loss of 2 lakh paid customers in the first quarter of 2022. Additionally, it now projects a 20 lakh global paid subscriber loss for the April-June period (Q2).
