Netflix is reportedly producing another big hit – to their employee count.
Layoffs are coming at the once-mighty streaming giant, which has fallen on hard times in 2022, much to the delight of Hollywood insiders annoyed by their arrogance on full display the past few years.
A report in Variety said it’s unclear which department is going to get gutted, but it looks like it could be roughly 150 or so employees being let go, similar to what happened earlier in the year. The workforce is still enormous, with about 11,000 employees reporting to work each day, primarily in a remote capacity.
Wall Street has taken Netflix off their VIP list, that’s for darn sure. The stock price has been down almost 70% since it was flying high in early 2022. Reality hit when the company announced it had lost 200,000 subscribers. Not good.
In the good old days, a few months ago, a share of Netflix stock was $600; now, it trades at $175 per share.
If it’s any consolation for Netflix workers cleaning out their cubicles or logging off Zoom for the final time, cuts are occurring across the entertainment world, with Warner Bros. Discovery looking to reduce costs and debt by shedding payroll.