Netflix Dramatically Lays Off Staffers as Shares Plummet 50%

© AP Photo / Chris PizzelloNetflix headquarters in the Hollywood section of Los Angeles is pictured, Monday, May 4, 2020
Netflix headquarters in the Hollywood section of Los Angeles is pictured, Monday, May 4, 2020 - Sputnik International, 1920, 29.04.2022
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Recent weeks have not been very good for Netflix: the streaming platform has missed its subscriber target by 200,000 people and seen a drastic decrease in share value. The company's Q1 earnings showed that Netflix lost subscribers for the first time in over a decade.
A number of staffers of Netflix's fan website Tudum have been laid off by the company in the platform's move to confront the harsh reality of subscriber loss and falling stock prices.
Those forced to bid adieu to their jobs at Netflix shared the news on social media. They included Evette Dionne, Josh Terry, Sara David and other writers. Some of those laid off indicated they were open to job suggestions.
The exact number of the laid-off employees has not been disclosed by Netflix, with the company only telling the Los Angeles Times that "our fan website Tudum is an important priority for the company". As seen by the wave of tweets by the affected, at least six people had to go.
screenshot - Sputnik International, 1920, 29.04.2022
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screenshot - Sputnik International, 1920, 29.04.2022
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screenshot - Sputnik International, 1920, 29.04.2022
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Tudum was launched last December as Netflix's fan-oriented editorial website, offering news, interviews with cast members and features, with readers having the possibility to adjust their stories according to the shows they prefer.
Some Netflix insiders fear that lay-offs are to continue, given that the company faces a decrease in stock prices and subscribers.
“We underwent a recent round of restructuring and layoffs, and the party line was it was to be more globally focused,” a Netflix source told The Hollywood Reporter. “We thought that was the end of it [layoffs], and now I’m being told, ‘No, it’s definitely not the end of it.’”
As of 27 April, Netflix's stocks fell roughly 50 percent since March, with the company's price nosediving below $200 in a grim record not seen since 2017.
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