Netflix will go through a second round of job cuts as the streaming behemoth continues to feel the pain following its first subscriber loss in over a decade.
in May. At the time, the company said the changes were "primarily driven by business needs rather than individual performance." As of the end of 2021, Netflix had approximately 11,000 employees. In the first quarter of 2022, Netflix reported a loss of 200,000 subscribers, its first decline in over a decade.
, competition with other streaming services, sluggish economic growth, inflation, Russia’s invasion of Ukraine and continued disruption from the COVID-19 pandemic. Netflix Chief Financial Officer Spencer Neumann told analysts and investors in April that the company was committed to cutting costs over the next two years to maintain margins of roughly 20%. In 2022, the company plans to invest approximately $17 billion toward its television shows and films.
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