Netflix Lays Off About 300 Employees in Latest Round of Cuts
Earlier this year, the streaming giant reported its first subscriber drop in a decade.
- Master's degree in environmental journalism
Layoffs hit Netflix again.
Netflix confirmed it laid off "around 300 employees" on Thursday. It's the streaming giant's latest round of job cuts so far this year as it faces slowing growth. The layoffs were earlier reported by Variety.
Netflix also cut 150 jobs in May, after it had eliminated a number of jobs at its fandom website, Tudum, in April. Tudum had been launched just five months earlier.
"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," a Netflix spokesperson said in an emailed statement Thursday.
Netflix's downsizing comes after it announced in April that it lost subscribers for the first time in 10 years. It reported losing 200,000 subscribers in the first quarter of 2022 and said it expected to lose 2 million more from April to June.
Netflix has blamed its subscriber losses on password sharing and Russia's invasion of Ukraine. It said it lost 700,000 subscribers when it pulled out of Russia. The streaming landscape has also grown more competitive, with new services like Disney Plus, HBO Max and Paramount Plus joining longer established competitors like Hulu.
Overall, Netflix had 11,300 employees at the end of 2021.