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Netflix layoffs around 300 jobs after losing subscribers
Netflix lost subscribers for the first time in over a decade. This is the latest round of layoffs at the company.
Netflix has fired around 300 employees as part of the second round of layoffs. Earlier, the company laid off 150 employees and dozens of contractors in May.
The layoffs affect "many different teams" and most workers in the US, though international roles are also being cut, Netflix spokesman Bao Nguyen said in a statement to The Verge. Variety first reported on the job cuts.
"Today we sadly let go of around 300 employees," Nguyen said. "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."
It's the latest round of layoffs after Netflix's first-quarter earnings report announced that revenue growth was slowing and it lost subscribers for the first time in over a decade.
Nguyen refused to comment on whether Netflix plans additional layoffs any time soon. But co-CEOs Reed Hastings and Ted Sarandos told staff that "we plan to return to a more normal course of business going forward" in an email received by The Hollywood Reporter.
