Netflix lays off 300 employees to cut costs as revenue declines

Get real time updates directly on you device, subscribe now.

New York-based Netflix is ​​laying off 300 employees in the midst of a difficult year for the streaming giant.

“While we continue to invest significantly in the business, we have made these adjustments so that our costs grow in line with our slower revenue growth,” a company spokesperson told CNN Business this Thursday (23).

“We are so grateful for everything they’ve done for Netflix and we’re working hard to support them through this difficult transition.”

Layoffs impact about 3% of Netflix’s workforce, which includes 11,000 full-time employees. Layoffs are also taking place mainly in the United States.

Netflix reported in April that it lost subscribers for the first time in more than a decade. This sent shockwaves through Wall Street, prompting investors to wipe billions of dollars off the company’s market value. The company’s shares are down about 70% this year.

Last month, Netflix laid off 150 employees, blaming slowing revenue growth. The company has been coming up with ways to turn the tide and get the platform – which has 221.6 million subscribers – back on track.

Ideas include introducing a new lower price ad tier and restricting the sharing of passwords between subscribers.

Source: CNN Brasil

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

www xxx xxx video tube freeproncom filmsex hindi xxxvdo xxx hd
buy kamagra buy kamagra online $255 payday loans online same day no denial payday loans direct lenders only