Netflix witnessed 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.
Netflix has been witnessing the loss of subscriptions and this made the streaming giant lay off around 150 employees from the company recently.
Spotify, a Swedish music streaming giant has reportedly shut down its podcast studio and laid off some members of the team. Spotify declines to comment on the report.
According to Variety, the furloughs were announced in a letter to staff sent from Disneyland President Ken Potrock on Monday. Though the exact number of furloughs is unknown, the action will include executives, as well as salaried and hourly employees. Affected employees will be able to maintain their health insurance and other benefits.
As many as 28,000 people are set to be laid off by Disney in the United States as the coronavirus pandemic continues to eat into businesses worldwide.
The union also claimed that 30,000 contractual workers have already been retrenched under the company's retrenchment process and added that all such workers remained unpaid for more than a year.
Bata India Chairman Ashwani Windlass on Thursday said it has not laid off any employee so far, but admitted that there is not much clarity on "where the footwear major is heading" amid the raging COVID-19 pandemic.
As part of the measures, a total of 4,500 to 5,000 positions in the entire KLM Group, part of Franco-Dutch airline Air France-KLM, will cease to exist. This means that the workforce will be reduced to around 28,000 full-time equivalents (FTEs) in the course of 2021 from the current 33,000 FTEs.
Tata Group chairman emeritus Ratan Tata said retrenchment of employees by Indian companies in these COVID-19 unprecedented times is not the solution, emphasising that it was a knee-jerk reaction.
IndiGo will lay off 10% of its workforce, CEO Ronojoy Dutta announced today. The low-cost carrier's decision comes at a time when the country is battling coronavirus pandemic, which has eaten up into a lot of business.
The cabin crew of Air India has told the management that the compulsory leave scheme is a smokescreen for retrenchment by the backdoor and has demanded that it be kept in abeyance.
Wipro has no plans to lay off staff at the moment, said Chairman Rishad Premji on Monday asserting that the company has not laid off any employee due to the COVID-19 impact. The Chairman said this while responding to a shareholder at the 74th Annual General Meeting (AGM) which took place virtually.
MakeMyTrip will be laying off 350 employees, as the Covid-19 pandemic on travel has hit hard to the travel industry. Group Executive Chairman Deep Kalra and Group CEO Rajesh Magow have written to employees, saying that they have analysed the impact closely over the last two months and spent time thinking about business recovery.
BookMyShow has decided to lay off around 270 employees in India and globally as business has hit due to the outbreak of coronavirus.
Cab aggregator Ola is laying off 1,400 staff from rides, financial services and food business as revenues declined by 95 per cent in the last two months due to coronavirus pandemic, a note by CEO Bhavish Aggarwal said.
The Union Home Ministry has asked private security agencies not to lay off guards or deduct their salaries during the 21-day lockdown period announced to combat the coronavirus pandemic.