Netflix lays off 300 more employees as revenue growth slows

Netflix is laying off round 300 more employees throughout the corporate.

The cuts, which characterize round 3% of the corporate's worker base, come a few month after the streaming firm eradicated about 150 positions within the wake of its first subscriber loss in a decade.

"Today we sadly let go of around 300 employees," Netflix stated in an announcement Thursday. "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 had warned buyers in April that it could be pulling again on a few of its spending growth over the subsequent two years.

Spence Neumann, the corporate's chief monetary officer, stated in the course of the firm's earnings name that Netflix is making an attempt to be "prudent" about pulling again to to replicate the realities of its enterprise. The firm nonetheless plans to speculate closely, together with round $17 billion on content material.

Co-CEO Reed Hastings additionally stated in the course of the name that the corporate is exploring lower-priced, ad-supported tiers in a bid to usher in new subscribers after years of resisting ads on the platform.

Netflix is working to crack down on rampant password sharing as effectively. The firm stated that along with its 222 million paying households, more than 100 million households use its service by means of account sharing.

Shares of the corporate have been down lower than a % throughout noon buying and selling Thursday, however are down more round 70% since January.

based mostly on web site supplies www.cnbc.com

Related posts

Leave a Reply

Your email address will not be published.