Netflix makes a second layoff on Thursday as streaming giants tacklepaying subscriber slumpsand painful depression I confirmed that I was doing it. Stock price.
A Netflix spokeswoman said the company "sadly gave up about 300 employees." Company executives have previously approved plans to cut costs by slowing growth. The
variety,, first reportedin the latest round of layoffs, but said that most of the unemployment occurred in the United States and occurred in multiple business units.
According to Variety, Netflix has about 11,000 employees. This means that the latest layoffs have affected about 2% of the total workforce.
The latest layoffs were announced just weeksafter Netflix reduced its staff by about 150 people. At the time, the company said these reductions were "caused primarily by business needs, not individual performance."
"We continue to invest heavily in our business, A Netflix spokeswoman who made these adjustments said in a statement Thursday that costs are rising as revenue growth slows. " "I am very grateful for everything they have done for Netflix and are working hard to support them through this difficult transition."
Netflix stock has been under pressure since the streaming giant reported the loss of paying subscribers for the first time in more than a decade. According to the company, it is expected to lose about 200,000 subscribers in the first quarter and another 2 million in the second quarter.
Losses occurred during periods of fierce competition in the streaming sector such as Disney +, HBO Max, and Amazon Prime Video. Also, decades of high inflation have led Americans to rethink additional costs.
Netflix CFO Spencer Neumann worked on a plan to reduce spending at the company's earnings briefing in April.
“Both content and non-content spending is slowing down some of the spending growth,” Neumann said. "We are wise about it and are trying to be cautious in pulling back some of that spending growth to reflect the reality of the business's revenue growth."
After the layoff announcement, Trading on Netflix shares on Thursday was flat. However, stock prices have fallen by more than 70% so far due to the massive sale of the technology sector this year.
