Netflix Lays Off 300 More Employees , After Losing Subscribers.
Netflix Lays Off 300 More Employees , After Losing Subscribers.
A company spokesperson confirmed
the layoffs to CNN on June 23.
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. , Netflix spokesperson, to CNN.
We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition, Netflix spokesperson, to CNN.
Mostly occurring in the U.S., the layoffs impact close to 3% of the streamer's workforce. .
CNN reports that in April, Netflix revealed its number of subscribers decreased for the
first time in over 10 years.
Investors responded to the announcement, wiping billions from Netflix's market value.
So far this year, Netflix's stock
has dropped about 70%.
In May, Netflix laid off 150 employees
due to "slowing revenue growth.".
As we explained
[in reporting Q1]
earnings, our slowing
revenue growth means
we are also having to
slow our cost growth
as a company. So sadly,
we are letting around
150 employees go today,
mostly U.S.-based, Netflix, via May 2022 statement.
CNN reports that the company is considering new tactics to get business back on track.
including a lower-priced ad tier and
cracking down on password sharing