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Netflix lays off 300 employees in cost-cutting drive

Stock Markets Jun 23, 2022 01:45PM ET
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© Reuters. Toy figures of people are seen in front of the displayed Netflix logo, in this illustration taken January 20, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) - Netflix Inc (NASDAQ:NFLX) said it laid off 300 employees, or about 4% of its workforce, in the second round of job cuts aimed at lowering costs after the streaming giant lost subscribers for the first time in more than a decade.

The move mostly affected its U.S. workforce and came after the company cut 150 jobs last month.

"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," Netflix said in a statement on Thursday.

The world's dominant streaming service has come under pressure in recent months as inflation, the war in Ukraine and fierce competition weigh on subscriber growth. After the subscriber drop in the first quarter, Netflix 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.

Netflix lays off 300 employees in cost-cutting drive
 

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Comments (2)
Morshed Alam
Morshed Alam Jun 23, 2022 2:46PM ET
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morshed Alam
Jack Peterson
Jack Peterson Jun 23, 2022 2:15PM ET
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Sorry for the employees, but they are expendable in order to pay the Obama’s
Sherv Soltani
Sherv Soltani Jun 23, 2022 2:15PM ET
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shut up stupid post
 
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