Netflix Chaos: With 150 New Layoffs, Everything Now Depends on $220 Mil Mysterious “Gray Man” Release in July

SHOWBIZ411:

Today Netflix laid off 150 people — at least — after a previous layoff last month of at least twenty five.

These aren’t anonymous people in other countries. The newly dispensed with were editorial employees, mostly in Los Angeles, who worked on Netflix’s Tudum social media. There are also 70 people from the animation department gone, and they may or may not be included in the count.

Netflix stock went off a cliff on April 18th after the company reported not just stalled growth, but the loss of 200,000 subscribers. They predicted the defection of 2 million more.

The stock has not rebounded. A month later, Netflix is trading at around $190. A month ago it was almost twice that, at $348. Six months ago, Netflix stock was at $690. So you can see, there is a problem.

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