Netflix is laying off 300 employees in the second wave of layoffs. diverse It states that the discounts come across different divisions of the company. Most of the affected workers reside in the United States as well. It was an odd year for the launcher as they had to battle internal expectations and external user frustration. Earlier this year, Netflix laid off 150 employees and some contractors after the company’s growth was found to have leveled off a bit. Stock prices fell as users left the service for a variety of reasons. Co-chairs Ted Sarandos and Reed Hastings sent a note to staff about the decision and tried to calm the atmosphere a bit. But this presents another hurdle for Netflix to overcome as it moves into the back half of 2022.
“Today unfortunately we have left about 300 employees,” a Netflix spokesperson wrote to Variety. “As we continue to invest heavily in the business, we have made these adjustments so that our costs are increasing in line with our slower revenue growth. We are very grateful for everything they have done for Netflix and are working hard to support them during this difficult transition.”
“Ted and I regret that we did not see a slowdown in our revenue growth earlier, so we could have ensured a more gradual readjustment of the business,” reads the note to employees of Hastings and Sarandos.
They continued, “We know that these two rounds of layoffs have been very difficult for everyone – causing a lot of anxiety and uncertainty.” “We plan to get back to our business as usual further going forward. As we scale back in some areas, we also continue to invest significant amounts in our content and people: Over the next 18 months, our employee base is planned to grow by ~1.5K to ~11.5K. “
Back in May, the company clarified, “As we explained [in reporting Q1] In earnings, our slower revenue growth means we also have to slow our cost growth as a company. “It is unfortunate that we are letting go about 150 employees today, most of them in the United States. These changes are driven primarily by business needs rather than individual performance, which makes them especially challenging because none of us want to say goodbye to these wonderful colleagues. We work hard to support them. During this very difficult transition.”
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