Netflix sacks 150 employees amidst slowing revenue

Netflix sacks 150 employees amidst slowing revenue

Netflix, a video streaming service, has laid off 150 people as its user base and income decline. This comes just over a month after it laid off at least 10 full-time employees and contractors from its editing and marketing departments.

The dismissed employees make up 2% of the company’s staff, with the majority of them based in the United States. In addition, the corporation is removing 70 positions in its animation division, as well as positions in social media and publishing contractors. An internal document acquired by The Hollywood Reporter on Tuesday disclosed the layoffs.

Employees who are laid off are anticipated to get severance packages starting at four months’ pay.

Netflix in a statement said, “As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly U.S.-based.

“These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition.”

In the company’s April Q1 earnings report, it came to light that the embattled streaming champ had lost 200,000 subscribers in the first quarter and expected an additional 2 million to drop off in the second. To cushion the impact, Netflix will introduce an ad-supported subscription option and cut down on spending.

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