Netflix Lays Off 150 Employees After Disappointing Figures
Netflix announced Tuesday that it would cut 150 due to declining subscribers, or about two percent of its total workforce.
It is still unclear in which departments the cutbacks will take place, but the largest number of jobs will disappear in the US.
“As we explained with the earnings figures, our slowing revenue growth means that we also need to slow down our cost growth as a company,” said a streaming service spokesperson. “Unfortunately, we are letting go about 150 employees today, mostly in the US.
Business needs, not individual performance, primarily drive these changes. That makes it extra hard because none of us wants to say goodbye to such great colleagues.”
The announcement comes after Netflix reported a 200,000 subscriber loss in the first quarter for the first time in more than a decade. Netflix mainly attributes the decline to the difficulties in recruiting new users in all regions of the world and the fact that the service is no longer available in Russia.