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Netflix slashes roughly 300 jobs after losing subscribers

Around 216 of the affected employees were based in the United States

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Netflix slashes roughly 300 jobs after losing subscribers

Netflix is slashing about 300 jobs in its second wave of layoffs. In May, the firm laid off around 150 workers as well as dozens of contractors.

The layoffs affect “several different teams” and mostly affect employees in the United States. Around 216 of the affected employees were based in the United States. Moreover, international roles are also being eliminated, according to Netflix spokesperson Bao Nguyen in a statement to The Verge. There were 30 layoffs in Asia-Pacific, 53 in Europe, the Middle East, and Africa, and 17 in Latin America. Variety initially reported on the employment layoffs.

“Today we sadly let go of around 300 employees,” Nguyen added. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth.”

It’s the latest round of layoffs following Netflix’s disappointing Q1 earnings report. In this report, the company stated that revenue growth was slowing. Adding that it lost subscribers for the first time in over a decade.

Regarding if Netflix intends to make any other layoffs soon, Nguyen chose not to comment. However, in an email received by The Hollywood Reporter, co-CEOs Reed Hastings and Ted Sarandos stated to the workforce that “we plan to return to a more normal course of business going forward.”

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