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• Most of the cuts are happening in the US and represents less than 2% of the staff
Netflix Inc (NASDAQ: NFLX) is laying off around 150 employees across the company amid slowing revenue growth.
CNBC reported on Tuesday that most of the cuts are happening in the US and represents less than 2% of the streamer’s 11,000 staffers.
“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” a representative from the company told CNBC.
“So sadly, we are letting around 150 employees go today, mostly US-based. 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.”
In April, Netflix reported a loss of 200,000 subscribers in the first quarter for the first time in more than a decade.
The company attributed the loss to the suspension of services in Russia, password sharing among users and increased competition.
Several tech companies including Meta Platforms Inc (NASDAQ: FB), Amazon.com Inc (NASDAQ: AMZN) and Uber Technologies Inc (NASDAQ: UBER) are considering layoffs and freezing hiring.
Picture Credits: Getty Images
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