Netflix laid off 300 more people — nearly 3% of its staff – TechCrunch
Netflix laid off 300 more people — nearly 3% of its staff – TechCrunch

Netflix laid off 300 more people — nearly 3% of its staff – TechCrunch

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Video streaming company Netflix said it had laid off 300 people – representing 3% of its workforce – due to slowing growth and an economic downturn. This is the company’s second layoff in two months, after letting go of 150 staff in May. In April, he also laid off a group of staff from the editorial arm of Tudum, which launched last December.

“Today, we are sadly releasing approximately 300 employees,” Netflix said in a statement Thursday. “While we continue to invest significantly in this business, we are making these adjustments so that our costs grow in line with our slower revenue growth. We are deeply grateful for all they have done for Netflix and are working hard to support them through this difficult transition,” a company spokesperson said in a statement.

The company noted that while most of the laid off employees were based in the US, there were cuts in Asia Pacific, Latin America and Europe, the Middle East and Africa (EMEA) as well.

Netflix joins a long list of companies like Coinbase, Better.com, and MasterClass that have let go of most of their staff.

The company has suffered growth this year, as it lost more than 200,000 customers in the first quarter. At the time, the company said it expected to lose 2 million global paying subscribers in the second quarter. The company cites Russia’s invasion of Ukraine, the COVID pandemic and password sharing as some of the main factors causing the slowdown.

Netflix stock, which was around $512 a year ago, is trading at $178.93 at the time of writing — a drop of nearly 65%.

To increase revenue and number of customers, the company is working on various initiatives. He plans to live stream unscripted shows such as stand-up comedy. It doubles down on its gaming efforts by launching new titles as well.

The company also plans to charge you more if someone outside your household uses your account. Have tested this feature in Chile, Costa Rica, and Peru, but it doesn’t work well. The streaming service also plans to add an ad-supported tier this year to reach a wider audience.

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