BusinessNetflix laid off 300 employees in Cost-Cutting Drive

Netflix laid off 300 employees in Cost-Cutting Drive

Netflix Inc said it laid off 300 employees, or about 4% of its workforce, in the second round of job cuts intended at lowering costs after the running giant lost subscribers for the first time in more than a decade.

The move frequently affected its US workforce and came after the company cut 150 jobs last month.

“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.”

Netflix said in a declaration on Thursday.

The world’s leading streaming service has come under pressure in current months as inflation.

The war in Ukraine and fierce rivalry weigh on subscriber growth. After the subscriber descent in the first quarter, Netflix has estimate even deeper losses for the current period.

To arrest that downtrend, the company plans to familiarize a cheaper, ad-supported subscription tier for which it is in talks with several companies.

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