Netflix’s troubles continue. The big red dog of streaming — recently beset by subscriber drops, a massive stock plunge, lawsuits, and a pattern of own goals — has announced yet another major round of layoffs: Approximately 300 employees were let go in today’s round of cuts, as reported by Variety. Less than six weeks ago, the company eliminated 150 staff roles and dozens of contractors, while in April its animation arm and marketing operation, Tudum, were also hit with layoffs. “Today we sadly let go of around 300 employees,†a Netflix spokesperson said. “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.â€
The layoffs come as Netflix navigates a year that’s become an inflection point for the service. After losing 200,000 subscribers in Q1 and projecting ten times as many losses in Q2, its stock fell by approximately 70 percent. It faces the same 2022 economic squeeze that’s blown up the price of gas, food, and utilities as well as more competition from streamers than ever before. Meanwhile, it’s courting options such as advertising-powered plans and password crackdowns to address the issues. The company’s next quarterly-earnings report is scheduled for July 19.