Netflix Lays Off About 150 Employees Amid Slowing Revenue Growth
Netflix Lays Off About 150 Employees Amid Slowing Revenue Growth
Netflix has laid off approximately 150 employees amid a year that has so far seen a decline in subscribers as well as falling stock performance.
The streaming giant lost 200,000 global paid subscribers in the first quarter of 2022 and predicts a loss of 2 million more users before June.
The new layoffs affect largely U.S.-based employees, with a number of them in the executive ranks including original content. Netflix has 11,000 employees total and recently also laid off staff in its editorial pision on April 28 with at least 10 full-time staffers getting the boot.
“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” a Netflix spokesperson told IndieWire. “So sadly, we are letting around 150 employees go today, mostly U.S.-based. These changes are primarily driven by business needs rather than inpidual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition.”
The company is closely watching its cost growth, but a Netflix source tells IndieWire the company still plans to spend $17 billion in content overall in 2022.
The previous quarterly report stated that Netflix’s revenue growth has “slowed considerably” at the start of 2022.
Netflix is currently in the middle of an ongoing shareholder lawsuit with claims that the streamer misled investors about subscriber loss, resulting in Netflix stock (NFLX) sinking by roughly 25 percent — or down about $85 — per share following the Q1 announcement last month.
“Streaming is winning over linear, as we predicted, and Netflix titles are very popular globally. However, our relatively high household penetration — when including the large number of households sharing accounts — combined with competition, is creating revenue growth headwinds,” Netflix previously said in its quarterly letter to shareholders.
The investors earnings call also confirmed that for the next two years, the streamer will be “pulling back on some of our spend growth across both content and non-content spend,” according to Netflix CFO Spence Neumann. “We’re trying to be smart about it and prudent in terms of pulling back on some of that spend growth to reflect the realities of the revenue growth of the business.”
A leaked notice to employees cited that Netflix may be introducing its lower-priced ad tier by Q4 of this year. The internal memo also cited an accelerated plan to limit password-sharing among subscribers.
“Yes, it’s fast and ambitious and it will require some trade-offs,” the Netflix memo read, as reported by the Times. “Every major streaming company excluding Apple has or has announced an ad-supported service. For good reason, people want lower-priced options.”
Ryan Lattanzio contributed reporting.
Related News & Content
-
Get post by tag
Get post by tag,I want to get several post by tag. So I try to use get_posts() function: <?php $args = array( 'numberposts' => '3', 'post_status' => 'publish', 'tag' => 'travel' ); $ Tags: functions posts query posts stackexchange.com WordPress Development Stack Exchange -
Elementor + ACF: How to insert dynamic JSON-LD formatted code into ACF field without sanitizing the script tag?
Elementor + ACF: How to insert dynamic JSON-LD formatted code into ACF field without sanitizing the script tag?,On a normal website, I am able to add JSON-LD structured data, such as below, into a Elementor HTML widget, in a proper way. However, as soon as I insert JSON-LD format into an ACF field (Textarea)... Tags: advanced custom fields php stackexchange.com WordPress Development Stack Exchange -
Gutenberg InnerBlocks noallowedblocks on parent but allowedblock on Child
Gutenberg InnerBlocks noallowedblocks on parent but allowedblock on Child,This is a continuation of the following post: Custom Gutenberg block with nested InnerBlocks renderAppender not displaying add button I solved one problem but created a different problem. I'm recr... Tags: block editor plugin development stackexchange.com WordPress Development Stack Exchange -
Delay Issue: Using Wget with JSON Endpoint – Need Help Understanding Headers
Delay Issue: Using Wget with JSON Endpoint – Need Help Understanding Headers,On a WooCommerce website, I have a REST endpoint created with register_rest_route that returns a JSON response. To perform a routine with a certain frequency and urgency, I have added this instruct... Tags: rest api stackexchange.com WordPress Development Stack Exchange -
How do I change top header background color
How do I change top header background color,Please refer to website: https://virginiafrank.com I cannot get the top header background color (or phone numbers) to change color. I would prefer the background gold and text black. I can't make t... Tags: headers stackexchange.com WordPress Development Stack Exchange -
How to display the_tags() as plain text
How to display the_tags() as plain text,the_tags by default is displaying as URL. I need to display it as plain text to insert inside HTML attribute. <?php $tag = the_tags(''); ?> <div class="image-portfolio" data-section... Tags: stackexchange.com tags WordPress Development Stack Exchange -
Give to site admin the option to "skip confirmation email" when adding new user
Give to site admin the option to "skip confirmation email" when adding new user,in wordpress multisite when we give to site admin the option to add new users, site admin dont have the "checkbox" to add the new user without sending the user email with link activation (see the Tags: email verification multisite stackexchange.com users WordPress Development Stack Exchange -
Facing Hamas and Tehran, Israel is left with only vengeful madness | Opinion
Facing Hamas and Tehran, Israel is left with only vengeful madness | Opinion,Despite the Terrible Disaster on October 7, and the Failures It Exposed, Israel Is Still Convinced That the Image of the Mad Man Will Ensure Its Security -
Cairo ignored Israeli warnings about Gaza arms smuggling. Egypt’s apathy led to October 7 | Opinion
Cairo ignored Israeli warnings about Gaza arms smuggling. Egypt's apathy led to October 7 | Opinion,The October 7 War Is Not Just an Event Between Israel and Hamas, or Between Israel and Iran's Proxies. The War Is Rocking and Changing the Face of the Middle Ea -
Carol Kirkwood stuns in figure-hugging dress amid BBC Breakfast technical chaos
Carol Kirkwood stuns in figure-hugging dress amid BBC Breakfast technical chaos,CAROL Kirkwood stunned in a figure-hugging dress amid a technical blunder. BBC Breakfast was flung into chaos this morning after a string of sound issues. However Carol, 61, was all smiles as she p… Tags: BBC BBC Breakfast BBC ONE Carol Kirkwood mirror.co.uk The Scottish Sun TV News TV UK daytime TV -
Families ‘to sue prison’ where loud inmates ‘terrorise kids’ with screaming
Families 'to sue prison' where loud inmates 'terrorise kids' with screaming,Residents living next door to a new prison who say their kids have to sleep wearing headphones and some leave during weekends due to the racket are threatening to sue the prison service Tags: mirror.co.uk Neighbours from hell prisons Scottish government The Mirror -
Doctor Strange’s Secret Wars Role May Be More Important Than You Thought – Looper
Doctor Strange's Secret Wars Role May Be More Important Than You Thought - Looper,According to entertainment leaker Alex Perez, Doctor Strange will find himself confronting his inner struggles as he headlines "Avengers: Secret Wars." Tags: Fiction Looper looper.com Marvel Cinematic Universe Science Star Wars The Universal Monsters franchise -
Blondshell and Bully Team Up For New Single “Docket”
Blondshell and Bully Team Up For New Single “Docket”,Blondshell has teamed up with Alicia Bognanno of Bully for the newly released single "Docket." Listen to the track here. Tags: Keycat Keytags pastemagazine.com -
I’m a clown for not trying Korean beauty secret for glowy skin sooner – don’t worry, I’m not putting cheese on my face
I’m a clown for not trying Korean beauty secret for glowy skin sooner – don’t worry, I’m not putting cheese on my face,A BEAUTY influencer has regrets about not trying out Korean beauty advice for glowy skin sooner. Although the trick can look a little strange at first, she assured viewers that she was not putting … Tags: Beauty beauty parlor Fabulous Food and drink Hair and Beauty medical health medicine style and fashion The Sun the-sun.com Tips tricks and life hacks -
West African dance and hip-hop play a key role in a revamped Juilliard track
West African dance and hip-hop play a key role in a revamped Juilliard track,NPR's Michel Martin speaks with Alicia Graf Mack about how she's reshaping Juilliard's prestigious Dance Division to make it more relevant than ever. Tags: ballet Dance Hip hop dance Home Page Top Stories Juilliard Juilliard School modern dance NPR NPR.org Performing Arts pointe West African dance -
‘Lempicka’ showcases a little-known queer artist’s dazzling life
'Lempicka' showcases a little-known queer artist's dazzling life,Once the toast of 1920s Paris, Tamara de Lempicka's story is now on Broadway. She was a modernist art deco artist who's better known in Europe than in the U.S. Tags: Art \u0026amp; Design Culture fine art Home Page Top Stories NPR NPR.org Performing Arts Theater -
Can You Play 'Blasphemous II' From Start to Finish on Steam Deck?
Can You Play 'Blasphemous II' From Start to Finish on Steam Deck?,We tried out 'Blasphemous II' on Steam Deck before its release. But can you play the Metroidvania without any issues on the handheld? Details ahead. -
17 Hours With Victoria Justice At Coachella
17 Hours With Victoria Justice At Coachella,Actor and singer Victoria Justice details her day at Coachella 2024, including her skin care prep, outfit inspiration, and what it was like seeing No Doubt.
Warning: file_get_contents(https://www.scienceradars.com/wp-output-content.php?pg=1&cat=&kw=&lvl=): Failed to open stream: HTTP request failed! HTTP/1.1 526 in /home/wwwroot/xuenou.com/wp-content/themes/chromenews/template-parts/content.php on line 169
Warning: file_get_contents(https://www.bayuexiang.com/wp-output-content.php?pg=1&cat=&kw=&lvl=): Failed to open stream: HTTP request failed! HTTP/1.1 526 in /home/wwwroot/xuenou.com/wp-content/themes/chromenews/template-parts/content.php on line 173
TrendRadars
The Most Interesting Articles, Mysteries and Discoveries