Thread regarding Netflix Inc. layoffs

Downsizing, layoffs, offshoring, outsourcing is a way of life in the Oil & gas industry. One has to be resilient and own their career and keep their skills relevant with the market. In Oil & gas its great when its good but awful when its bad. Highs and lows.

Deadline covered it already:
https://deadline.com/2022/05/netflix-layoffs-us-employees-1235026085/?stream=top

UPDATE: Netflix is not commenting on any individual layoffs. Rumors are flying, some of the names at executive level I hear are leaving across TV and film include Sebastian Gibbs and Penelope Essoyan in Drama Series, Negin Salmasi in Spectacle and Event TV as well as Nathan Kitada, Fidan Manashirova, Naketha Mattocks, Brad Butler and Caroline Mak.
Today’s cuts follow the layoffs a couple of weeks ago of editorial staffers and contractors at Tudum, Netflix’s fan site that’s devoted to behind-the-scenes news relating to the streaming giant’s content.
The staff reductions have been expected. Netflix’s stock has fallen sharply after the streamer reported last month that its global subscriber base declined by 200,000 in Q1 from where the company ended 2021, the first drop in more than a decade.
The Street also had expected more from the streaming giant in term of revenue, with a consensus among analysts calling for $7.93 billion. Netflix reported $7.868 billion in revenue in Q1, up less than 10% from a year ago.
“Our revenue growth has slowed considerably as our results and forecast below show,” the company said in its quarterly letter to shareholders. “Streaming is winning over linear, as we predicted, and Netflix titles are very popular globally. However, our relatively high household penetration – when including the large number of households sharing accounts – combined with competition, is creating revenue growth headwinds.”
On the Netflix earnings call, Netflix CFO Spencer Neumann spoke about cost-cutting measures in the coming months.
“…presumably, for the next 18, 24 months, call it the next 2 years, we’re kind of operating to roughly that operating margin, which does mean that we’re pulling back on some of our spend growth across both content and noncontent spend, but still growing our spend and still investing aggressively into that long-term opportunity,” he said. “We’re trying to be smart about it and prudent in terms of pulling back on some of that spend growth to reflect the realities of the revenue growth of the business.”

Here is Ryan's Tweet that got quoted in the original message:

https://twitter.com/rfaughnder/status/1526624161300246528

archiving the tweet here

https://archive.ph/gEDV7