Why is Netflix laying off more staff?

Published

4 years ago

June 23, 2022

Netflix is reportedly enacting another round of lay-offs

According to Variety, sources claim the personnel cuts are expected to be similar in size to the round of sackings in May

This means roughly 150 staff and dozens more contractors could be shown the door

Among those let go last month were several roles within the company’s animation department as well as writers.

The company has an estimated 11,000 employees worldwide.

Not a phone call you want to receive, staff who will lose their jobs in the new round of firings are expected to find out by the end of the week if they are affected.

Netflix is attempting to bring costs into line after a disastrous financial report in late April.

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Major banks and corporations report earnings this week, influencing market outlook and economic indicators ahead of 2026.

This week is packed with financial news as major banks and corporations release their earnings. JPMorgan, Wells Fargo, and Goldman Sachs will reveal their year-end results, offering insight into the health of the banking sector. CEO Jamie Dimon of JPMorgan has already highlighted uncertainty in the U.S. economy, making investors watch closely.

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US markets hit record highs as investors shrug off geopolitical tensions, with the S&P 500 up 0.7% and Dow 1%.

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