Netflix has laid off an additional 300 employees.
The news Thursday comes after Deadline revealed in May that redundancies were underway, with an initial 150 positions eliminated as a result of the slowdown in the company’s revenue growth.
“Today we sadly let go of around 300 employees,” a Netflix spokeswoman told Deadline. “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.”
We’re hearing that the cuts are impacting a number of different teams, mostly in the U.S. but also including Asia Pacific, Europe, Middle East and Africa and Latin America including the company’s legal and product divisions.
Netflix has a global workforce of around 11,000.
The latest layoffs come after Netflix...
The news Thursday comes after Deadline revealed in May that redundancies were underway, with an initial 150 positions eliminated as a result of the slowdown in the company’s revenue growth.
“Today we sadly let go of around 300 employees,” a Netflix spokeswoman told Deadline. “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.”
We’re hearing that the cuts are impacting a number of different teams, mostly in the U.S. but also including Asia Pacific, Europe, Middle East and Africa and Latin America including the company’s legal and product divisions.
Netflix has a global workforce of around 11,000.
The latest layoffs come after Netflix...
- 6/23/2022
- by Peter White
- Deadline Film + TV
Exclusive: Layoffs are underway at Netflix today. About 150 positions out of the streamer’s workforce of 11,000 are being eliminated amid a slowdown in the company’s revenue growth.
They are largely based in the U.S., with a significant portion in creative, across both film and TV, sources said. A number of those laid off are in the executive ranks, including in original content, I hear, with a couple of director-level original series execs rumored to be leaving. There is also rampant rumor that the indie film division will suffer heavy casualties but sources internally say that is not the case.
“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,” a Netflix spokesperson said in a statement to Deadline. “These changes are primarily driven by business needs rather than individual performance,...
They are largely based in the U.S., with a significant portion in creative, across both film and TV, sources said. A number of those laid off are in the executive ranks, including in original content, I hear, with a couple of director-level original series execs rumored to be leaving. There is also rampant rumor that the indie film division will suffer heavy casualties but sources internally say that is not the case.
“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,” a Netflix spokesperson said in a statement to Deadline. “These changes are primarily driven by business needs rather than individual performance,...
- 5/17/2022
- by Nellie Andreeva
- Deadline Film + TV
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