Netflix braces for more layoffs as stock languishes
Netflix is reportedly bracing for another bloodbath in the form of another round of layoffs this week – the latest austerity measure as the far-left streamer’s stock continues to languish at depressed levels.
According to a report by Variety.
This round of layoffs wiped out 2% of Netflix’s global workforce, which numbers about 11,000 employees.
Netflix CEO Reed Hastings attends a press conference to announce the Netflix service in Mexico at the St. Regis Hotel on September 12, 2011 in Mexico City, Mexico. (Hector Vivas/Latin Content/Getty Images)
The once invincible Netflix is now cutting spending in response to a dire subscriber forecast predicting the streamer could lose 2 million customers in the coming months. As a result, Netflix shares have fallen in recent weeks, causing the company to lose almost 70% of its market capitalization so far this year.
As part of its cost-cutting, Netflix has cut a number of woke series, including a planned anime adaptation of Ibram X. Kendi’s anti-racist baby. But the woke streamer still does business with former President Barack Obama and Michelle Obama, who have a production deal with the company.
The Obamas just announced their first scripted series with Netflix – Bodkina comedy thriller starring Saturday Night Live alum Will Forte.
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