Netflix Lay Off 150 Employees, More Firings To Come
The growth times are over for Netflix, with the company announcing it has been forced to lay off 150 full-time employees, part of the streaming giant’s moves to “slow our cost growth as a company.”
The sacked employees are “mostly US-based”, according to the internal memo, and represent 1.3 per centy of the company’s global staff.
Just weeks ago, Netflix shut down its blog Tudum, months after it launched, laying off all the staff there.
“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” the memo for the latest round of layoffs read.
“So sadly, we are letting around 150 employees go today, mostly US-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.”
Netflix has signalled it expects to shed a further two million subscribers by the end of June, on top of the 200,000 it lost in the last quarter.
More firings are imminent.