An additional 300 Netflix staff have been let go.
It follows that 150 roles were being cut as part of ongoing layoffs due to the slowdown in the company’s revenue development.
A Netflix spokesman told Deadline, “Today we, unfortunately, let go of about 300 workers.” “While we continue to make sizable investments in the company, we made these changes to ensure that the rate of cost growth is consistent with the slower rate of revenue growth. We are incredibly appreciative of everything they have done for Netflix and are making every effort to support them during this challenging transition.
Around 11,000 people work for the streaming service globally, and the layoffs follow Netflix losing 200,000 members in the first quarter.
Prior to eliminating positions in its U.S. content teams, it began making layoffs in April by terminating a handful of employees from its fan site Tulum.
Many of those laid off in May were in the executive ranks, including those in original content. A few director-level original series executives were scheduled to depart, including Nathan Kitada, Fidan Manashirova, and the Family Films team, which included Naketha Mattocks, Brad Butler, Alison Haskovec, and Caroline Mak, as well as Sebastian Gibbs and Penelope Essoyan in Drama Series, Negin Salmasi in Spectacle and Event TV, and Sebastian
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Following the streamer’s announcement that its global subscriber count was declining for the first time in more than ten years, Netflix’s stock price has plunged dramatically. Wall Street anticipated the streaming juggernaut to generate more money as well; a consensus among analysts called for $7.93 billion. In Q1, Netflix reported revenue of $7.868 billion, an increase of less than 10% from the same period in 2017.
Investors didn’t, however, respond to the news today right away. Shares of Netflix started the second half of the trading day slightly lower. They have recovered from their 52-week low, but over the past four months, they have lost more than two-thirds of their value.