Netflix Bloodbath Continues: around 150 Laid Off as Hedge Funds Dump Stock
Netflix’s bloodbath continued Tuesday, with around 150 employees laid off by the far left-wing streaming service as part of ongoing efforts to reduce spending amid a dire subscriber forecast for the coming months.
The company’s problems were compounded by the fact that several hedge funds had reportedly sold Netflix shares before the streaming service’s first-quarter earnings report. This signaled a greater lack of confidence in Wall Street.
According to a report by Deadline, Netflix fired around 150 employees Tuesday.
Most of them were based in the U.S. with a large portion working in TV and film creative positions.
“Our slowing revenue growth means that we are also having difficulty with our cost growth as an organization.” “So sadly, we are letting 150 employees go today,” a Netflix spokesperson stated in a statement to Deadline.