Netflix laids off 300 employees due to slowdown in subscriber growth
In April Netflix blamed saturation in its biggest markets, increased competition and macro-factors including continued disruption of Covid-19 (coronavirus) as it missed its own estimates for subscriber growth in Q1 2022.
Streaming giant Netflix has laid off 300 employees, mostly in the US, in a second round of job cuts following a slowdown in subscriber growth.
That equates to about 4 per cent of its workforce being made redundant in the cost-cutting efforts, Reuters reported. The move comes after the company laid off 150 employees in May.
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In April Netflix blamed saturation in its biggest markets, increased competition and macro-factors including continued disruption of Covid-19 (coronavirus) as it missed its own estimates for subscriber growth in Q1 2022.
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Netflix continues to “invest significantly in the business”, but made the redundancies to ensure that “costs are growing in line with our slower revenue growth”, it explained in a statement.
The cuts come amid the streaming service’s plans to create a cheaper, ad-supported subscription tier to boost subscriber counts.
Source: techgh24.com
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