After making slightly less obscene profits, Netflix axes 300 more jobs
If it seems to you Netflix is actively attempting to manipulate public opinion to tank their stock you’re not alone. This time it’s in the form of laying off around 300 people because projecting failure and worry obviously is how you do it.
To recap – Netflix raised rates among obscene profits (Netflix made about 30 billion in profit last year.) Announced password crackdowns and ad tiers. Netflix instantly lost maybe 50 million dollars worth of subscribers (a year.) Netflix laid off about 150 people to recoup roughly half that. They announced several series cancellation at the same time (which may be unrelated but sure look related). Told employees they had to deal with discrimination. Oh yeah, they lost 54 billion in market valuation from much of this in one day of trading.
In the great spiral to completely derail Netflix, they’ve laid off another 300 people according to The Verge.
I mean, let’s announce that episodes will no longer auto play one to the next without a subscription and that your current tier of viewing will have a popup window to put advertising in next.
The current heads of Netflix appear to be very quickly and deliberately manufacturing a crisis that does not exist. I mean cry me a river if they only made a billion dollars this year as opposed to 30.
Why are they shooting themselves in the foot, reloading, and doubling down? I do not know.
I won’t claim I could do better, but I feel like Netflix would be best served turning public statements and plans for the future over to a six year old with little to no understanding of the company. Also whoever’s driving down the stock (if deliberate,) needs to be investigated as going from $701 to $163 smells.
