Netflix is laying off around 150 employees across the company, CNBC confirmed Tuesday.
The eliminated positions represent less than 2% of the streamer’s 11,000 staffers, with most of the cuts happening in the U.S.
“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” a representative from the company told CNBC. “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’s revelation that it lost 200,000 subscribers in the first quarter put further pressure on an already beleaguered tech sector, but top tech analyst Mark Mahaney believes the current weakness in the sector presents several opportunities for investors.
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Source: https://www.cnbc.com/2022/05/17/netflix-lays-off-150-employees-as-the-streaming-service-contends-with-big-subscriber-losses.html