The last month has not been kind to Netflix. In April, the company reported its first subscriber loss in more than a decade, after which its stock completely tanked:
The company is also looking to start a massive campaign against "password sharing," a strong sign that it's looking to shore up its financial leaks:
Late last month, meanwhile, it announced it was beginning layoffs at its "entertainment site":
Earlier this month, it came out that the company is very nearly begging its employees to stop being so insufferably woke:
Aaaand now we find out that the company is axing several dozen employees in the United States:
Netflix is laying off around 150 employees across the company, CNBC confirmed Tuesday.
The eliminated positions represent less than 2% of the streamer's 11,000 staffers, with most of the cuts happening in the U.S.
"As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company," a representative from the company told CNBC. "So sadly, we are letting around 150 employees go today, mostly US-based. These changes are primarily driven by business needs rather than individual 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".
Yeah call me crazy but... I don't think these layoffs are done.
I mean, look, one of the hot-shot ideas the company has come up with to reverse its declining fortunes is... offering an awful ad-supported lower option:
During the company's earnings last month, co-CEO Reed Hastings said the company is exploring lower-priced, ad-supported tiers in a bid to bring in new subscribers after years of resisting advertisements on the platform.
Yeah, not sure that's gonna work out, but let us know if it does!
P.S. Now check out our latest video 👇
