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Netflix Starts Next Round of Layoffs, Variety Reports

Stock Markets Jun 23, 2022 13:42
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© Reuters.

By Sam Boughedda

Netflix (NASDAQ:NFLX) has laid off approximately 300 employees, Variety reported Thursday.

According to a report by Variety's Jennifer Maas and Brent Lang, the cuts are in multiple divisions, with the majority in the US. The cuts came after the streaming giant made an initial round of layoffs in May, including contractors and part-time staff.

Netflix shares have tumbled this year due to the current macroeconomic situation and the company reporting a significant and unexpected loss in subscribers.

Variety said a Netflix spokesperson confirmed the layoffs, stating that while they continue to invest significantly in the business, they made the adjustments so that its costs are growing in line with 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," Netflix told Variety.

Netflix has been aiming to cut costs in order to keep margins at 20%. However, it has a content budget of $17 billion in 2022 for shows and films.

Netflix Starts Next Round of Layoffs, Variety Reports
 

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