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It was reported today that Netflix has laid off 300 employees amid its sagging stock price and “slower revenue growth.”
The layoffs come as businesses suffered a sharp slowdown in June, according to a pair of surveys, as high inflation forced customers to cut back on orders and rising interest rates induced growing worries about a recession.
Last October, dozens of Netflix employees protested a Dave Chappelle stand-up special outside the streaming giant’s headquarters in a work stoppage.
In a statement, a Netflix spokesperson announced, “Today we sadly let go of around 300 employees.”
“While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition,” the spokesperson explained.
Netflix laid off 150 members of its workforce in May and in recent weeks, a number of technology companies and venture capital–backed firms have announced plans to either freeze hiring, rescind accepted offers, or lay off employees.
Netflix stock has plummeted more than 70% year-to-date amid a broader market sell-off and is currently trading at around $170 a share.
In November 2021, Netflix’s stock peaked at $690 a share prior to credit card data showing a slowdown in customer additions.
It was also reported last month that under co-CEOs Reed Hastings and Ted Sarandos’ leadership, “woke” employees are being welcomed to quit their jobs if they are offended.