Netflix lays off 300 employees in second round of mass job cuts
Netflix has laid off 300 employees in a second round of layoffs after letting go 150 workers last month as the company tries to cut costs amid a downturn in revenue growth.
A Netflix spokesperson confirmed the layoffs to The Hill on Thursday, saying the company is continuing to “significantly” invest in its business but needed to make the move to ensure costs are growing in line with the slower revenue growth.
“We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition,” the spokesperson said of the laid off employees in a statement.
In April, Netflix reported its first loss in subscribers since October 2011, causing its stock to drop by 23 percent. The company lost 200,000 subscribers during the first quarter of 2022.
Netflix canceled multiple planned shows in the aftermath of the loss. The streaming platform sent a letter to shareholders when the loss was announced, saying that the company expected the decrease in subscribers to continue. In the letter, it predicted a loss of 2 million paid global subscribers during the second quarter of the year.
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