Netflix on Tuesday stated it has laid off about 150 individuals, principally in the US, because the streaming service firm faces slowing development.
The layoffs characterize roughly two per cent of the corporate’s workforce in North America.
A Netflix spokesperson talking on background stated no Canadian staff have been affected by the layoffs.
“These adjustments are primarily pushed by enterprise wants quite than particular person efficiency, which makes them particularly powerful as none of us need to say goodbye to such nice colleagues,” the corporate stated in an announcement. “We’re working laborious to assist them by means of this very troublesome transition.”
The job cuts come as Netflix reported its first lack of subscribers in additional than a decade and forecast deeper losses within the coming quarter. It stated the struggle in Ukraine and fierce competitors contributed to the lack of prospects.
On account of its declining development, Netflix stated it might introduce a less expensive, ad-supported tier and look extra carefully at its spending.
“We’re attempting to be good about it and prudent by way of pulling again on a few of that spend development to mirror the realities of the income development of the enterprise,” Netflix Chief Monetary Officer Spencer Neumann instructed buyers throughout the firm’s most up-to-date earnings name.
– With information from World Information