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Why did Netflix lay-off 300 more employees?

Netflix has indicated for more rounds of layoffs would be coming this year following that first group, as the platform tried to adjust for its heavily weakened stock price.

Saumya Nigam Edited by: Saumya Nigam Noida Updated on: June 24, 2022 11:27 IST
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Netflix, a known video streaming platform has been in the news for laying off the employees recently. The company has once again removed an additional 300 employees in the second round of layoffs.

According to the reports filed by Variety, the cuts are across multiple business functions in the company, with the bulk of the jobs lost in the US.

These new layoffs hit just a few weeks after the streaming giant -- which has a global workforce of roughly 11,000 staffers -- made an initial round of reductions of similar size in May.

At that time, Netflix laid off 150 employees, and dozens of contractors and part-time workers.

Several top-notch creative professionals from its original series vertical, such as Sebastian Gibbs and Negin Salmasi, were asked to go.

The platform also indicated more rounds of layoffs would be coming this year following that first group, as the platform tried to adjust for its heavily weakened stock price.

A report, in May, said that Netflix saw its stock tumbling by 20 per cent after it reported a loss of 2 lakh paid subscribers in the first quarter of 2022, its first subscriber loss in over a decade.

Moreover, it now forecasts a global paid subscriber loss of 20 lakh for the April-June quarter (Q2).

Inputs from IANS