JULY 24, 2022 — 150 LAYOFFS
The company has announced 150 layoffs, mainly in film and television creative services.
A company spokesperson noted, “As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly US-based. These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition.”
JUNE 24, 2022 — 300 LAYOFFS
“Today we sadly let go of around 300 employees,” a Netflix spokesperson told MarketWatch. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
JUNE 21, 2022 — ANOTHER ROUND OF LAYOFFS
According to media reports…
Netflix is bracing for its next round of layoffs as the streaming giant looks to cut costs in the wake of its stock troubles.
Impacted staff are expected to be told at the end of the week. It’s unclear what departments are going to be hit, but sources suggest that the cuts could be similar in size to the round of reductions undertaken in May. At that time, Netflix laid off 150 employees and dozens of contractors and part-time workers. When those cuts were announced, Netflix said that there would be other rounds of pink-slipping in 2022.
MAY 21, 2022 — MORE LAYOFFS THAN ORIGINALLY ANNOUNCED
There are credible media reports that there were 290 layoffs and that many of the firm's workers were profiled as “prolific social justice warriors on social media.”
Could this be a red-flag warning to employees who owe their jobs to social justice causes? Just asking.
MAY 18, 2022 — Original post…
Los Gatos, California-based Netflix, a subscription streaming service and production company, has announced a major reduction in force as a response to a major turndown in revenue.
An initial 150 employees, including executives and creatives, are impacted by the right-sizing effort.
According to a company statement, “As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly US-based. These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition”.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?