Netflix lays off 300 employees
With falling subscriber growth and declining share price, Netflix has yet again laid off 300 employees on Thursday. This is the second consecutive month the streaming giant has let go of its employees. Netflix said in a statement, "Today we sadly let go of around 300 employees. 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."
Last month Netflix laid off 150 employees, including staff at Tudum, which was part of the company's marketing team. The company had announced in April that it had lost 200,000 subscribers and was anticipating losing another 2 million in the second quarter of this year. Netflix has a total of around 222 million subscribers. Meanwhile, the company's stock price which had fallen about 70% this year, was slightly lower on Thursday.
To fight the company's financial struggles, Netflix said it would introduce a lower-price subscription tier that includes advertising. This decision has been a significant strategic pivot for the company, which had rejected adopting ads for years. Experts say this could also cannibalize Netflix’s existing user base, with current subscribers trading down for a lower-priced tier.
Source: The New York Times
Category
Overtime Pay
Change Management
Time Worked
Executive Compensation
Learning & Development
Technology
Performance Management
Health Savings Accounts
Fiduciary Duty
Affirmative Action
Workplace Harassment
Employee Handbooks
Sexual Orientation
Health Care Benefits
Gender Identity
Educational Assistance
Inclusion, Equity &
Employment Branding
Privacy
Leave Management
Drug & Alcohol Testing
People Management
Organization & Employee Development
Wellness Benefits
Global Mindset
Retaliation
Employment Contracts
Talent Acquisition
Communication
Vendors & Software
Promotion
Social Media
Benefits Reporting & Disclosure
Intellectual Property
Ethical Practice
Dependent Benefits
Workplace Stories
Benefits Compliance
Eligibility Verification (I-9)
Substance Abuse
Flexible Spending Account
Mental Health Benefits
Termination
Discrimination
Mentoring & Coaching
Bonuses & Incentives
Hiring & Firing
Job Descriptions
Policies & Practices
Succession Planning
Tags
Article
Why Work With Staffing Agencies To Hire Your Temporary Workers
Recruitment is getting more challenging day by day. Layers of complexities have emerged with the pa ...
The Interviewer's Guide to Conducting Phone Interviews
The job market in the US is slowly gaining traction after the long period of gloom that took the un ...
7 Signs That Tell You It’s Time to Quit Your Current Job
Last year, about 4,478,000 workers, which is approximately 3% of the workforce in the US (besides t ...
Did You Lose Your Job During COVID-19? Here’s What to Do
First of all, know that you’re not alone in this. About 20.6 million Americans have lost their jobs ...
Comments