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12.10.26 - 15:39
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Netflix Reportedly Readies First Major Layoffs Since 2022, Cutting 5% Of Staff With Shares Down 42% In A Year (ZeroHedge)
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Netflix Reportedly Readies First Major Layoffs Since 2022, Cutting 5% Of Staff With Shares Down 42% In A Year
Continued wokeness does not seem to be working out well for Netflix, which is planning to cut about 5% of its workforce, with an announcement expected as early as next week, Puck News reported Friday, citing people familiar with the matter.
The company had about 16,000 full-time employees at the end of last year, so a 5% cut would mean roughly 800 jobs. It is not yet clear which departments would be hit, TheWrap reported. Netflix's last major round of layoffs came in 2022, when it cut hundreds of jobs amid slowing growth and subscriber losses, per Reuters; it also laid off a small number of product team employees in February, TheWrap noted.
The reported cuts follow a rough stretch for the stock. Shares were trading at $70.96 Friday morning, down 42% over the past year, 22% year to date and 30% over six months, according to TheWrap.
Last month, HSBC and Wells Fargo both downgraded Net...
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