Netflix lays off nearly 150 people due to slowdown in revenue growth

Netflix announced that the company is laying off approximately 150 employees, mostly based in the US, to reduce costs due to slowdown in revenue growth. This was the second recent mass layoff attempt at the company, but it is unknown how many employees were affected in the other attempt.

‘To reduce costs’

Last month, Netflix, which published its first quarter reports of this year, announced that it had lost approximately 200,000 subscribers. The company, which expects a decrease in the current quarter, is reducing the number of employees in order to reduce costs.

A Netflix spokesperson said in a statement: “As we explained on earnings, our slowing revenue growth means we need to slow our cost growth as a company as well. Unfortunately, we’re letting go of approximately 150 employees, most of them US-based. “It’s driven by job requirements rather than individual performance, which makes saying goodbyes particularly difficult as none of us want to say goodbye to such wonderful colleagues. We’re working hard to support them through this very difficult transition.” statements were included.

From current job The implications represent approximately 2% of Netflix’s workforce in the US and Canada. It is not yet known whether the company will lay off more employees in the near future. Netflix CFO Spencer Neumann reiterated that they want to maintain an operating margin of approximately 20% for the full year 2022.