Netflix lays off 150 staffers amid slowdown in revenue growth
Streaming service platform Netflix has laid off up to 150 employees as it continues to see a downturn in revenue and subscriber growth.
A Netflix spokesperson confirmed to The Hill on Tuesday about the latest string of departures, saying that the layoffs are a part of new changes focused more on a business approach rather than individual performance.
“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 said in its statement.
“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 company recently reported its first subscriber loss since October 2011, seeing a drop of 200,000 subscribers in the first quarter of 2022, which led to its stock dropping by 23 percent.
Due to the recent loss of revenue, Netflix canceled numerous planned shows, including Meghan the Duchess of Sussex’s upcoming animated series, “Pearl,” centered around the adventures of a 12-year-girl who interacts with historical female figures.
The layoffs come shortly after Netflix sent out a culture memo last week, telling employees to focus more on spending members’ “money wisely,” adding that its company might not be the right fit for employees who have strong religious beliefs and disagree with their content as well.
“If you’d find it hard to support our content breadth, Netflix may not be the best place for you,” the statement said.