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Netflix lays off 300 employees in second round of cuts as revenue growth slows
By Arghyadeep Dutta - Jun 23, 2022, 01:58 PM ET
Last Updated - Mar 05, 2024, 12:55 PM EST
Streaming giant cited cost adjustment due to slower revenue growth
• Streaming giant cited cost adjustment due to slower revenue growth
Netflix Inc (NASDAQ: NFLX) has laid off another 300 employees as the streaming giant is trying to bring costs under control amid slower subscriber growth, Variety reported on Thursday.
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The report said the job losses are across multiple business functions in the company, with most affected workers based in the US.
Moreover, the cut is twice as large as Netflix laid off around 150 employees last month.
“Today, we sadly let go of around 300 employees,” a Netflix spokesperson told 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. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
Netflix is revising its operations after the streaming giant lost 200,000 subscribers during the first quarter of 2022, which upended the company’s subscription-based revenue model.
In April, the streaming giant also dismissed some of its contract workers and editorial staff from its Tudum site to scale back its marketing budget.
Netflix is also facing heightened competition with streaming content from Amazon.com Inc (NASDAQ: AMZN), Walt Disney Co (NYSE: DIS), and Hulu, all of which have posted subscription growth recently.
Picture Credit: CNET
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