The streamer still plans to spend aggressively on content with a budget of $ 17 billion in 2022 for shows and films. In its most recent earnings, Netflix committed to cutting costs in order to keep its margins at 20%. Shares of Netflix were trading at north of $ 600 in January. On Thursday, Netflix’s stock opened at $ 180.08 per share and was trading at $ 180.93 just after 11 am ET. Netflix has lost close to 70% of its value since it announced it had lost 200,000 subscribers at the end of Q1, and expected to lose another 2 million in Q2. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth. “Today we sadly let go of around 300 employees,” a Netflix spokesperson told Variety. The streamer indicated more rounds of layoffs would be coming this year following that first group, as the company tries to adjust for its heavily weakened stock price. At that time, Netflix laid off 150 employees, and dozens of contractors and part-time workers. These new layoffs, which Variety first reported would be coming earlier this week, hit just a few weeks after the streaming giant – which has a global workforce of roughly 11,000 staffers – made an initial round of reductions of similar size in May.
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