Netflix Massacre: 300 Employees Axed in Largest Layoff Since Subscriber Downturn

The bloodletting at Netflix continued on Thursday because the far-left-wing streamer axed an extra 300 workers worldwide, or about 3 p.c of its workforce — the corporate’s largest layoff since its subscriber downturn within the first quarter.

Netflix handed out pink slips to 216 staffers within the U.S. and Canada, with the rest of the cuts coming from different areas all through the world. in keeping with an official assertion despatched to  a number of information retailers.

In May, the streamer laid off 150 employees, or 2 p.c of its workforce, as a part of its ongoing efforts to chop spending amid a catastrophic subscriber forecast for the months forward. Netflix stated it might lose as much as 2 million subscribers within the coming months after unexpectedly dropping 200,000 clients within the first quarter of the yr.

Those layoffs have been preceded by smaller staffing cuts in Netflix’s animation division and in-house fan web site, Tudum.

Netflix leaders described Thursday’s layoffs as ” very laborious for everybody – creating loads of anxiousness and uncertainty.”

“We plan to return to a more normal course of business going forward. And as we cut back in some areas, we also continue to invest significant amounts in our content and people,” co-CEO Reed Hastings stated in a memo obtained by The Hollywood Reporter.

He stated Netflix plans to extend its worker base through the subsequent 18 months.

Customers are abandoning Netflix in droves because the streamer faces competitors from Disney+, HBO Max, and different providers launched by legacy studios. Subscribers are additionally rising more and more fed up with Netflix’s left-wing programming that has pushed woke politics and embraced former first couple Barack and Michelle Obama, who’ve a manufacturing take care of the streamer.

Netflix shares are down a staggering 70 p.c for the yr thus far.

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