Netflix lays off 150 employees amid slow revenue growth

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San Francisco, May 18 | Streaming giant Netflix has laid off nearly 150 employees, primarily in the US, as it suffers from slow user growth amid stalled paid subscription.

Several top-notch creative professionals from its original series vertical, such as Sebastian Gibbs and Negin Salmasi, have been asked to go, reports TechCrunch.

“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 US-based,” a Netflix spokesperson was quoted as saying in the report late on Tuesday.

“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,” the spokesperson added.

Netflix saw its stock tumbling by 20 per cent after it reported a loss of 2 lakh paid subscribers in the first quarter of 2022, its first subscriber loss in over a decade.

Moreover, it now forecasts a global paid subscriber loss of 20 lakh for the April-June quarter (Q2).

Netflix last month laid off several experienced journalists and writers working for its entertainment site Tudum which it launched only in December last year.

Netflix had hired experienced entertainment journalists from publications including Vice, Bustle and others. According to reports, most of the Tudum culture and trends team was fired.

The company has also told its employees that if they do not agree with its content, they can leave the streaming giant, a move that received a thumbs up from Tesla CEO Elon Musk.

“Depending on your role, you may need to work on titles you perceive to be harmful. If you’d find it hard to support our content breadth, Netflix may not be the best place for you,” the company said.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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