Netflix lays off 150 employees
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Netflix’s first quarter loss of 200,000 subscribers to its service put more pressure on the already troubled tech sector. However, Mark Mahaney, top tech analyst and chief tech analyst thinks that the current sector weakness presents investors with several opportunities.
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NetflixCNBC reported Tuesday that the company is cutting around 150 jobs across its workforce.
Less than 2% of 11,000 employees of streamer are affected by the eliminations, and most of them take place in the U.S.
CNBC was told by a representative of the company that “as we explained in earnings, our slowing revenues growth means we’re also having to slow down our cost growth” We are making around 150 layoffs today. Most of them US-based. This is because these changes are driven mainly by business requirements rather than individual performance. It’s especially hard as we don’t want to be without our great coworkers. “We are working to help them navigate this extremely difficult transition.”
This staff reduction, expected less than a year after Netflix had reported it, comes just a month later. first subscriber loss in a decadeForecast future losses for the next quarter. The company’s shares are now down nearly 70% from January.
Reed Hastings, the co-CEO of the company’s last month earnings report said that the company was “very healthy”. exploring lower-priced, ad-supported tiers in a bid to bring in new subscribers after years of resisting advertisements on the platform.
This is an urgent news story. Keep checking back for more updates.
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