Todd Spangler NY Digital EditorNetflix disclosed that it took a $70 million charge for severance costs in the second quarter, as the company adjusts its operating model for slower top-line growth.Netflix made several rounds of layoffs in the second quarter.
On June 23, the company said it laid off 300 employees, as first reported by Variety. That came after it let go about 150 staffers in May and in April laid off about 25 employees in its marketing group, including many on its Tudum fan-focused content team.The company announced the restructuring charge as part of releasing Q2 2022 results on Tuesday.
Netflix subscriber losses came in lower than forecast, with the streamer shedding 970,000 net customers in the period compared with its previous guidance of a loss of 2 million. Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial news, and more.“We’ve adjusted our cost structure for our current rate of revenue growth,” the company said in its letter to shareholders.In addition to the $70 million in severance costs, Netflix took an $80 million non-cash impairment charge for “certain real estate leases primarily related to rightsizing our office footprint.”Excluding those items totaling $150 million and the foreign-exchange impact of the stronger U.S.
dollar in the quarter, operating profit and operating margin were “slightly ahead of our guidance forecast,” the company said.In the U.S.
Read more on variety.com
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.