https://www.theverge.com/2022/6/23/23180281/netflix-layoffs-cuts-300-jobs

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Filed under:

  * Tech
  * Netflix

Netflix cuts around 300 jobs after losing subscribers

New, 34 comments

It's the latest round of layoffs at the company

By Jay Peters@jaypeters Jun 23, 2022, 2:20pm EDT

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[acastro_18] Illustration by Alex Castro / The Verge

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

The layoffs impact "many different teams" and mostly workers in the
US, though international roles are being cut as well, Netflix
spokesperson Bao Nguyen said in a statement to The Verge. Variety
first reported on the job cuts.

"Today we sadly let go of around 300 employees," Nguyen said. "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."

It's the latest round of job cuts after Netflix's rough Q1 earnings
report, where it announced that revenue growth was slowing and that
it lost subscribers for the first time in over 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 a more normal course of
business going forward" in an email obtained by The Hollywood
Reporter.

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