Streaming giant Netflix is preparing for more layoffs amidst a waning subscriber count and a plummeting stock price.
The California-based streaming service, Variety first reported, which employs 11,000, is set to issue layoffs by the end of the week. However, it is unclear at this time which departments will be affected.
The decision comes after a tanking stock price, down 70% since the spring, the Daily Mail reports. Last month, 150 full-time employees and 70 workers at its animation studios were laid off, as well as 60 to 70 contractors.
Many who lost their jobs were aligned in some fashion, the Mail adds, with "social justice causes." In a single day in April, the media giant lost $54 billion. This came after 200,000 subscribers left the platform in the first three months of 2022. The company's executives expressed that another two million would leave by the second quarter.
Ted Sarandos, the CEO, told The New York Times last month the stock plummet was "horrifying, disappointing and embarrassing."
"We make decisions based on the best information we have at the time. They are not always going to be right, but how you help navigate the outcomes, and the urgency you bring to it, is what gets folks through the storm. And the storms will come."
Sarandos also reflected in his Times interview that while the company should account for its successes, it's not beneficial to spend too long reviewing its failures.
"How much time do you spend licking your wounds?" he added. "Let's have that burned into our memory, but we've got to move on and move fast."
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