Netflix lays off 150 staffers amid slowdown in revenue growth

(The Hill) — Streaming provider platform Netflix has laid off as much as 150 staff because it continues to look a downturn in income and subscriber enlargement. 

A Netflix spokesperson showed to The Hill on Tuesday about the newest string of exits, announcing that the layoffs are part of new adjustments targeted extra on a industry manner reasonably than person efficiency. 

“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So, sadly, we are letting around 150 employees go today, mostly US-based,” Netflix spokesperson stated in its remark. 

“These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition.” 

The corporate lately reported its first subscriber loss since October 2011, seeing a drop of 200,000 subscribers within the first quarter of 2022, which ended in its inventory shedding via 23 p.c.

Due to the new lack of income, Netflix canceled a large number of deliberate displays, together with Meghan the Duchess of Sussex’s upcoming animated collection, “Pearl,” targeted across the adventures of a 12-year-girl who interacts with ancient feminine figures. 

The layoffs come in a while after Netflix despatched out a tradition memo remaining week, telling staff to focal point extra on spending individuals’ “money wisely,” including that its corporate may not be the best are compatible for workers who’ve sturdy spiritual ideals and disagree with their content material as smartly. 

“If you’d find it hard to support our content breadth, Netflix may not be the best place for you,” the remark stated.

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