Netflix announced about 1,000 employee layoffs this week, or about six percent of its 16,000-person staff. Previously, Netflix’s largest layoff was half that — 450 job cuts in 2022.
\n\nIn a company-wide memo, co-CEOs Ted Sarandos and Greg Peters wrote in part, “We wanted to share that we are making a number of organizational changes and, as a result, we’ll be letting go of roughly 6% of our colleagues, with the greatest impact to our product, tech, legal, and HR teams.”
\n\n“Our mission — to entertain the world — is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources.”
\n\nNetflix’s stock price is waaaaay down over last year. As of this moment, it is down 42 percent — trading at $70.30 compared to $121.00.
\n\nThis is mostly due to the widespread belief that streaming has hit a ceiling when it comes to signing up new subscribers, and unlike other entertainment multinationals that enjoy alternative income streams (theme parks, merchandising, home video, cable TV, broadcast TV), all Netflix has is subscriber income and whatever revenue comes from its advertising tier.
\n\nNetflix is still insanely profitable. Nevertheless, it is no longer seen as…
Original source: https://www.breitbart.com/tech/
