Netflix lays off 300 workers
Netflix Inc. laid off another 300 employees as the streaming giant seeks to bring costs under control amid uneven subscriber growth.
The job losses are across the company, with most affected workers based in the US. The cut is twice as large as the one the streaming giant made last month. The news was first reported in Variety.
“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,” a Netflix spokesperson said in an email.
“We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
Netflix is retooling its operations after the departure of 200,000 subscribers during the first quarter of 2022 upended the company’s subscription-based revenue model.
The difficulties have bludgeoned the company’s stock price and hurt worker morale.
In addition to the layoffs in May, Netflix also let go some contract workers and editorial staff from its Tudum site in April — part of a scaling back of its marketing budget.
Netflix’s subscriber woes were in part due to a price hike in January. Further, it’s facing heightened competition with streaming content from Amazon.com Inc., Walt Disney Co., and Hulu, all of which have posted subscription growth recently.
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