Updated · Aug 15, 2022
Netflix Lays Off 300 Employees in Second Round of Cuts
Updated · Jun 24, 2022
The streaming platform disclosed the job cuts on Thursday as it struggles to deal with slowing growth.
Netflix has announced that it is laying off 300 employees in its second round of job cuts in a month. The streaming platform continues to contend with slowing growth.
“Today, we sadly let go of around 300 employees,” a spokesperson said. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our 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.”
In May, the company laid off 150 staffers, mostly based in the United States, again due to “slowing growth”. Netflix had enjoyed over a decade of increasing growth and gathered over 200 million paying subscribers.
However, in April, it reported a loss of 200,000 subscribers in the first quarter of the year. Even more drastically, the streaming giant expects to lose another two million subscribers this quarter. That’s despite the fact that it is investing in new movies and TV shows.
The company’s price increases in some of its markets have contributed to the subscriber losses. However, the company has blamed its dwindling fortunes on factors like password sharing by users.
Netflix continues to top the leaderboard ahead of its rivals, but it faces stiff competition from companies like Disney+ and Prime Video.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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