The world’s leading streaming entertainment service, Netflix has laid off 300 employees which is about 4% of its workforce.
Netflix in the second round of job cuts aimed at lowering costs after the streaming giant lost subscribers. Earlier, the company had laid off 150 workers due to slowing revenue growth.
Netflix lays off 300 employees in cost-cutting drive https://t.co/YYk1scdSMA pic.twitter.com/2dNo25hTS1
— Reuters (@Reuters) June 23, 2022
Netflix 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.”
After the subscriber drop in the first quarter, the company has forecast even deeper losses for the current period. To arrest that downtrend, the company plans to introduce a cheaper, ad-supported subscription tier for which it is in talks with several companies.
The company has a presence in over 190 countries enjoying TV series, documentaries, feature films, and mobile games across a wide variety of genres and languages. Members can watch as much as they want, anytime, anywhere, on any Internet-connected screen.
