• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Monday, May 19, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Entertainment

Netflix lays off 300 employees in cost-cutting drive

by Disha Mitra
June 24, 2022
in Entertainment, News, Tech
Reading Time: 2 mins read
0
Netflix logo depicted on a screen with a remote in front

Source: Deccan Herald

TwitterWhatsappLinkedin
Old logo of Netflix depicted in front of a screen
In its second round of layoffs, Netflix lays off 300 employees in cost-cutting drive.
Source: the Edge Markets

On Thursday, June 23, Netflix Inc stated that it went on to lay off 300 employees in its second round of job terminations. The streaming giant fired about 4% of its workforce in order to cut necessary costs following it losing a significant number of subscribers a while ago.

You might also like

Antonio Filosa Emerges as Leading Candidate for Stellantis CEO Role Amid Strategic Crossroads

VerSe Innovation to Lay Off 350 Employees as Dailyhunt and Josh Shift Focus to AI and Restructuring

Indian Defence Forces Granted Emergency Procurement Powers Amid Operation Sindoor

Reportedly, this step from the company mostly impacted their workforce in the US following it cutting around 150 jobs last month. Netflix faced a significant loss a couple of months ago when it lost about 200,000 subscribers for the first time in a decade.

On Thursday, June 23, the streaming giant gave in a statement regarding the development. It stated as they continue to ‘invest significantly in the business’ they came to this adjustment to make sure their costs grow at the pace of its ‘slower revenue growth.’ Though it previously said that the number of terminations would be same as last time -150, the number went up to 300 in this round. The staff affected by the layoffs were not informed until two days after Netflix first announced these terminations. As of this year, the company is maintaining a global work force of about 11,000 staffers.

“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,”

Evidently, the world’s leading video streaming giant has come under significant pressure in the past few months. This is owing to the inflation in the economy, the Russian invasion of Ukraine, along with the aggressive competition in the streaming industry.

Despite its lead in the streaming world, it received tight competition from companies such as Comcast, Disney and Warner Bros. Discovery. They came with platforms such as Disney Plus, HBO Max and Peacock, putting intense pressure on Netflix to try harder to retain its existing viewers and attract newer customers. As we know, the media sector is facing considerable challenges of its own with fears of recession. Moreover, it has even compelled companies like Warner Bros. Discovery to conduct layoffs.

Following its drop in subscribers, Netflix went on to forecast even serious losses from the present period. In January, the shares of the streaming giant was trading at north of $600, and going down to hover at about $175 a share on Monday, June 20. Resultantly, the platform aims to come up with a cheaper, ad-supported subscription plan for which it is consulting various other companies.

 

Tags: cost cuttingEmployeesLayoffsNetflixTech newsvideo streaming
Tweet54SendShare15
Previous Post

Manoj Gopalkrishnan- CEO and Founder of Algorithmic Biologics on reinventing molecular testing by bringing intelligence to molecules

Next Post

Viresh Joshi, Axis AMC Fund Manager who filed a suit against his termination

Disha Mitra

Recommended For You

Antonio Filosa Emerges as Leading Candidate for Stellantis CEO Role Amid Strategic Crossroads

by Samir Gautam
May 18, 2025
0
Antonio Filosa Emerges as Leading Candidate for Stellantis CEO Role Amid Strategic Crossroads

Antonio Filosa, the executive currently leading Stellantis’ U.S. operations, has emerged as the top contender to succeed outgoing CEO Carlos Tavares, according to reports from Bloomberg. As Stellantis...

Read more

VerSe Innovation to Lay Off 350 Employees as Dailyhunt and Josh Shift Focus to AI and Restructuring

by Rounak Majumdar
May 18, 2025
0
VerSe Innovation to Lay Off 350 Employees as Dailyhunt and Josh Shift Focus to AI and Restructuring

The parent firm of well-known content sites Dailyhunt and Josh, VerSe Innovation, has announced a major layoff, laying off about 350 employees this month. Since the company's last...

Read more

Indian Defence Forces Granted Emergency Procurement Powers Amid Operation Sindoor

by Rounak Majumdar
May 18, 2025
0
Indian Defence Forces Granted Emergency Procurement Powers Amid Operation Sindoor

In May 2025, India's national security environment changed drastically after the disastrous Pahalgam terror strike in Jammu and Kashmir, which left 26 people dead. The Indian government responded...

Read more
Next Post
Axis Bank to sell 9% stake to Bain Capital and others to raise Rs 11,625 crore

Viresh Joshi, Axis AMC Fund Manager who filed a suit against his termination

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?