Netflix Shows Exit Door To Hundreds Of Employees In Second Round Of Layoff

Famous American Subscription streaming service Netflix have shown the exit door to approximately 300 employees once again in the second round of layoffs. According to Variety, the job cuts have taken place in the several business functions in the popular video streaming platform, with the maximum jobs lost in the United States.

Earlier this year, the streaming giant had fired employees in May. During May it had shown the exit door to nearly 150 employees and several contractors including the part-time workers. Netflix has a global workforce of approximately 11,000.

Netflix has also given indications that more rounds of layoffs may take place this year following that first group amid its falling stock price.

According to reports, Netflix witnessed a dip of 20% in its stock after it declared a loss of 2 lakh paid subscribers in the first quarter of 2022. The company lost 200,000 subscribers for the first time in a decade.

It forecasts a global paid subscriber loss of around 20 lakh for the April-June quarter. Netflix claims that password sharing is the reason that led to loss in paying subscribers. And, therefore it launched a mechanism that requires users who share passwords with accounts in different locations to pay.