Netflix Lays Off About 150 Employees Amid Slowing Revenue Growth

Netflix Lays Off About 150 Employees Amid Slowing Revenue Growth
Netflix has laid off approximately 150 employees amid a year that has so far seen a decline in subscribers as well as falling stock performance.

The streaming giant lost 200,000 global paid subscribers in the first quarter of 2022 and predicts a loss of 2 million more users before June.

The new layoffs affect largely U.S.-based employees, with a number of them in the executive ranks including original content. Netflix has 11,000 employees total and recently also laid off staff in its editorial division on April 28 with at least 10 full-time staffers getting the boot.

“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” a Netflix spokesperson told IndieWire. “So sadly, we are letting around 150 employees go today, mostly U.S.-based. These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none
See full article at Indiewire »

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