Netflix Takes 70 Million Charge for Layoffs in Q2
Netflix disclosed that it took a 70 million charge for severance costs in the second quarter, as the company adjusts its operating model for slower top-line growth.
Netflix made several rounds of layoffs in the second quarter. On June 23, the company said it laid off 300 employees, as first reported by Variety. That came after it let go about 150 staffers in May and in April laid off about 25 employees in its marketing group, including many on its Tudum fan-focused content team.
The company announced the restructuring charge as part of releasing Q2 2022 results on Tuesday. Netflix subscriber losses came in lower than forecast, with the streamer shedding 970,000 net customers in the period compared with its previous guidance of a loss of 2 million.
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“We’ve adjusted our cost structure for our current rate of revenue growth,...
Netflix made several rounds of layoffs in the second quarter. On June 23, the company said it laid off 300 employees, as first reported by Variety. That came after it let go about 150 staffers in May and in April laid off about 25 employees in its marketing group, including many on its Tudum fan-focused content team.
The company announced the restructuring charge as part of releasing Q2 2022 results on Tuesday. Netflix subscriber losses came in lower than forecast, with the streamer shedding 970,000 net customers in the period compared with its previous guidance of a loss of 2 million.
Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial news, and more.
“We’ve adjusted our cost structure for our current rate of revenue growth,...
- 7/19/2022
- by Todd Spangler
- Variety Film + TV
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