Netflix Begins Second Round of Layoffs, 300 Positions Cut (EXCLUSIVE)

variety.com:

Netflix again, with the streamer letting go of roughly 300 staffers on Thursday, Variety has learned exclusively.The cuts are across multiple business functions in the company, with the bulk of the jobs lost in the U.S.These new layoffs, which Variety first reported would be coming earlier this week, hit just a few weeks after the streaming giant — which has a global work force of roughly 11,000 staffers — made an initial round of reductions of similar size in May.

At that time, Netflix laid off 150 employees and dozens of contractors and part-time workers. The streamer indicated more rounds of layoffs would be coming this year following that first group, as the company tries to adjust for its heavily weakened stock price. “Today we sadly let go of around 300 employees,” a Netflix spokesperson told Variety. “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.”Netflix has lost close to 70% of its value since it announced it had lost 200,000 subscribers at the end of Q1, and expected to lose another 2 million in Q2.

On Thursday, Netflix’s stock opened at $180.08 per share and was trading at $180.93 just after 11 a.m. ET. Shares of Netflix were trading at north of $600 in January.In its most recent earnings, Netflix committed to cutting costs in order to keep its margins at 20%.