This is the second time Netflix is laying off staff members this year as a result of loosing subscribers. In May, the company laid off around 150 workers with dozens of contractors.
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Now, the company has announced that it will be laying off around 300 jobs today as part of the second rounds of layoffs.
According to the latest report from Netflix Spoke person as per YP, “Today we sadly let go of around 300 employees,” Nguyen said. “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.”
We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
Netflix has lost close to 70% of its value since it announced it was down by 200,000 subscribers at the end of Q1, and expected to lose another 2 million subs in Q2. On Thursday, Netflix’s stock opened at $180.08 per share and was trading at $180.93 just after 11 a.m. ET. Shares of Netflix were trading at north of $600 in January.
The cuts are across multiple business functions in the company, with the bulk of the jobs lost in the U.S.
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