Report: Netflix Preparing for More Layoffs as Stock Languishes

today06/20/2022 53

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Report: Netflix Preparing for More Layoffs as Stock Languishes

Via Breitbart:

Netflix is reportedly preparing for another bloodbath in the form of a new round of layoffs this week — the latest austerity measure as the far-left-wing streamer’s stock continues to languish at depressed levels.

Pink slips are expected to go out by Friday and could impact a similar number of people who were laid off last month when Netflix axed 150 employees and dozens of contractors and part-timers, according to a report from Variety.

That round of layoffs wiped out 2 percent of Netflix’s global workforce, which stands at about 11,000 staffers.

The once-invincible Netflix is now cutting spending in response to a disastrous subscriber forecast predicting that the streamer could lose a stunning 2 million customers in the months ahead.  As a result, Netflix shares have plummeted in recent weeks, causing the company to lose close to 70 percent of its market capitalization so far this year.

As part of its cost-cutting, Netflix has axed a number of woke series, including a planned animated adaptation of Ibram X. Kendi’s Anti-Racist Baby. But the woke streamer is still doing 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 — Bodkin, a comedic thriller starring Saturday Night Live alum Will Forte.


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