NFLX - Netflix has reportedly laid off over a dozen employees

2024-04-09 04:50:38 ET

Netflix Inc (NASDAQ: NFLX) ended in the red on Monday following a report that it has laid off employees in its film department.

How many employees did Netflix lay off?

Anonymous sources told “Deadline” today that about fifteen people were let go as part of a major restructuring at the mass media behemoth based out of Los Gatos, California.

itself has not confirmed the news so far.

The report arrives shortly after Netflix hired Dan Lin – a Taiwanese-American producer to head its film business. Lin picked working at the Nasdaq-listed firm over leading DC Films at peer Warner Bros. Discovery.

He replaced Scott Stuber in the said role at Netflix Inc. The streaming giant is expected to report $4.49 a share of earnings for its first quarter on April 18 ^th versus $2.88 per share a year ago.

Is Netflix stock worth buying in April?

Also today, Doug Anmuth – a JPMorgan analyst reiterated his “overweight” rating on Netflix stock and raised his price target to $650 which suggests about a 4.0% upside from here.

Anmuth remains bullish on as he sees opportunity for the mass media company to further benefit from paid sharing. His research note also reads:

We estimate Netflix can monetise 36 million borrowers by the end of 2024 and 43 million by the end of 2025, with our survey work suggesting ~62% of borrowers could convert over time.

Earlier this year, the world’s largest streaming platform was reported exploring ideas to boost gaming revenue ( find out more ).

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