Netflix lays off 300 employees in cost-cutting drive - Hindustan Times
close_game
close_game

Netflix lays off 300 employees in cost-cutting drive

Reuters |
Jun 24, 2022 11:09 AM IST

The move mostly affected its US workforce and came after the company cut 150 jobs last month.

Netflix Inc said it laid off 300 employees, or about 4% of its workforce, in the second round of job cuts aimed at lowering costs after the streaming giant lost subscribers for the first time in more than a decade.

After the subscriber drop in the first quarter, Netflix has forecast even deeper losses for the current period.(AFP )
After the subscriber drop in the first quarter, Netflix has forecast even deeper losses for the current period.(AFP )

The move mostly affected its US workforce and came after the company cut 150 jobs last month.

Hindustan Times - your fastest source for breaking news! Read now.

"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," Netflix said in a statement on Thursday.

The world's dominant streaming service has come under pressure in recent months as inflation, the war in Ukraine and fierce competition weigh on subscriber growth. After the subscriber drop in the first quarter, Netflix has forecast even deeper losses for the current period.

To arrest that downtrend, the company plans to introduce a cheaper, ad-supported subscription tier for which it is in talks with several companies.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On