Sunday, 26 Jun 2022

Netflix lays off 300 employees in second round of job cuts

Netflix lays off 300 employees in second round of job cuts


Netflix lays off 300 employees in second round of job cuts

Netflix announced on Thursday it laid off 300 employees in a second round of job cuts after losing subscribers for the first time in more than a decade.

Netflix said in February it had lost 200,000 subscribers globally at the start of 2022, and projected a decline of 2 million users in the upcoming quarter.

The company blamed the drop on a range of factors, including increased competition, the economy, the war in Ukraine, and the large number of people who share their accounts with non-paying households.

To offset subscriber losses, Netflix is also considering adding advertising to the service in return for a lower-priced subscription in addition to cutting costs, a move it had long resisted.

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