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Netflix cuts about 300 jobs after losing subscribers

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Netflix is ​​cutting about 300 jobs today as part of a second round of layoffs. The company previously laid off about 150 employees and dozens of contractors in May.

The layoffs will affect “many different teams” and especially employees in the US, although international roles will also be cut, Netflix spokesman Bao Nguyen said in a statement. The edge. Variety reported first on job losses.

“Today, unfortunately, we had to let go of about 300 employees,” Nguyen said. “While we continue to invest significantly in the business, we have made these adjustments so that our costs grow in line with our slower revenue growth.”

It’s the latest round of job cuts after Netflix’s crude first-quarter earnings report, in which it announced revenue growth is slowing and it was losing subscribers for the first time in more than a decade.

Nguyen declined to comment on whether Netflix plans additional layoffs in the near term. But co-CEOs Reed Hastings and Ted Sarandos told staff that “we plan to return to more normal business in the future” in an email. obtained by The Hollywood Reporter

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