In short: Netflix has issued travel documents to approximately 150 employees. This is the second round of layoffs in less than a month for the streaming giant, and most of them are US executives, according to reports.
Deadline was the first to report cost-cutting measures. Sources told the publication that layoffs will affect those who hold creative positions in both film and television. Deadline added that several of those fired are in management positions, and at least a couple of original series executives are also being fired.
In a statement released by the publication, a spokesman for Netflix confirmed they lay off about 150 employees. “These changes are driven primarily by business needs rather than individual performance, which makes them especially challenging as none of us want to say goodbye to such great colleagues,” the spokesperson said.
Shares of Netflix are down nearly five percent on the day and are trading at $181.24 at the time of writing.
The job cuts aren’t much of a surprise given that Netflix said during its latest earnings report that it would have to slow down its growth rate. expenses. Company lost 200 000 subscribers in the last quarter, the first decline in more than a decade.
Netflix is considering several measures to get things back on track, including rolling out an ad tier and restricting password sharing. According to a recent report, Netflix is also looking into Live Stream and working on a new season Black mirror.
Credit: www.techspot.com /