Came across this article. https://variety.com/2022/film/news/netflix-stock-layoffs-1235298805/ @netflix how's the vibe?
Sucks for people who will get laid off.
It's sad. However, the kind of compensation they offer, it's not sustainable if the business is not going well.
They probably lost more subscribers this quarter, it’s the end of a era. They have to trim the fat, they have a lot.
It doesn’t say who will be laid off, but I doubt SWEs will be affected beyond what they usually do with their “keepers test.” Perhaps the “keepers test” may be more strict, but I don’t think SWEs will be laid off in the classical sense of a “layoff.” I remember that Microsoft had some layoffs back during the economic slowdown around 2008 to 2012. However, what wasn’t said in the articles is that those who did get “laid off” got to interview with numerous other teams and ended up finding other teams. I’m willing to bet that the percentage that got laid off is much smaller than Amazon’s URA target and probably even smaller than the amount of engineers Google PIPs/ fires for poor performance (I don’t have numbers for the latter but this is anecdotally speaking). The bigger point I’m trying to make is that I think SWEs are generally unaffected.
SWE are a cost center, they are more expensive than any other direct line employees. They do not directly bring revenue. You need a few to keep the lights on , the rest are working on features/projects that can be cut if they don't align with directly revenue generation.
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Looks like Netflix may have lost a lot of subs costing them their valuable employees.
We will see in results
Will they buy Roku?
Both will sink
More like Netflix will get bought.
Their content is shit anyway. They pay insane money to Hollywood A-listers to "feature" in mediocre scripts. People running the company are morons and they have poor judgement in greenlighting projects. Shame that those consequences are having ripple effect on their employees,
> Their content is shit anyway. They pay insane money to Hollywood A-listers to "feature" in mediocre scripts. AKA Red Notice
There is an industry joke that Netflix picks up mediocre scripts that get rejected/thrashed at major studios.
It’s surprising to see Meta and Google to tell Netflix to trim fat. One reason made me move to Netflix from Google is things moved so sloooooowly at Google and many people just rest and vest. Google can do what it does with 1/5 staff.
Google has too many amazing initiatives vs Netflix has just one project i.e. Netflix. Where the heck do you see innovation?
Google has a lot of amazing projects, there’s no doubt on that. But that has nothing to do with the dead weight it carries. Imagine how good to have the same amount initiatives without those rest and vest folks?
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Are you surprised?
No ... Not surprised. Actually surprised to see that they waited for so long to cut down on fat.
@op It has to take a fear of recession and industry cooling down for correction to lead to layoff. Simply a hit in the market alone won’t lead to layoff. A sudden drop in the stocks isn’t always an indicator.