• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Netflix Lets Go Of 150 Employees As It Looks To Slow Down Its Costs

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
May 18, 2022
in Uncategorised
Share on FacebookShare on Twitter

Video streaming giant Netflix has laid off about 150 staff based in the US, the company confirmed on Tuesday. The company had to embark on this to reduce its growing costs and also to get back on its feet after a difficultly disappointing quarter. The company said it had to let go of so many people not as a result of their performance or other factors, but as a result of its business needs.

“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly U.S.-based. These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition,” a representative from the company wrote in an emailed statement.

To say the truth, there had been expectations that the company would lay off some employees. In its last letter to shareholders that came along with its first-quarter earnings results, the company wrote that “Our revenue growth has slowed considerably as our results and forecast below show.”

For the first quarter of 2022, the company reported revenue of $7.87 billion falling short of an expectation of $7.93 billion from analysts, according to Refinitiv. For global paid net subscriber additions, the company reported a loss of 200,000 compared to an increment of 2.73 million subscribers that analysts had expected, according to StreetAccount.

The lay-off comes after the company laid off employees from its recently-launched content marketing operation called Tudum. According to experts, this is a good place to start the cut-offs as the unit isn’t critical to Netflix’s day-to-day operations.

According to reports, Netflix mostly laid off people in its creative unit. Directors from its original series segment such as Sebastian Gibbs, Brooke Kessler, and Negin Salmasi, were reportedly part of the employees the company had to let go of.

Related Posts:

  • 1_BoYExqO-cXstiNjyRwJZJw
    Netflix To Launch Streaming With Ads Sooner Than Expected
  • Snap Inc. Reports Disappointing Second Quarter…
  • Netflix Reports Second Quarter Earnings Results, Loses Fewer Subscribers Than It Had Expected
    Netflix Reports Second Quarter Earnings Results,…
  • Warner Bros Discovery Misses Analysts' Estimates on Revenue, Merged Version of HBO Max And Discovery+ To Launch Earlier Than The Set Summer Release Date
    Warner Bros Discovery Misses Analysts' Estimates on…
  • Netflix Is Back On Its Feet With Q3 Earnings Results That Surpassed Estimates And More Than 2.4 Million New Subscribers
    Netflix Is Back On Its Feet With Q3 Earnings Results…
  • netflix3_0
    Netflix Q1 2024 Earnings Beat, Subscribers Jump 16%,…
  • Netflix Q1 2023 Earnings Slightly Misses, Shares Tank
  • png_20220805_194558_0000
    Netflix Shares Soar on Record-Setting Quarter With…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges May 8, 2025
    • Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo May 8, 2025
    • Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier May 8, 2025
    • WhatsApp Developing AI Chat Wallpapers & Message Summaries May 8, 2025
    • Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts May 8, 2025
    • Central Bank of Nigeria Approves Open Banking Launch This August. Here’s what to Know May 8, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (497) android (367) app (717) Apple (576) artificial intelligence (419) business (482) china (132) cryptocurrency (209) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (709) government (469) instagram (173) internet (466) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (835) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    May 8, 2025
    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    May 8, 2025
    MTN Recovers ₦32 Billion in USSD Fees

    Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier

    May 8, 2025
    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    May 8, 2025
    Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts

    Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts

    May 8, 2025
    Central Bank of Nigeria Approves Open Banking Launch This August. Here’s what to Know

    Central Bank of Nigeria Approves Open Banking Launch This August. Here’s what to Know

    May 8, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok