Netflix Fires 300 More Employees In Second Round Of Job Cuts

Netflix, the streaming giant confirmed that it had laid off another 300 employees, or about 3 percent of its workforce due to slow revenue growth. 

"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. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition." a Netflix representative said.

According to the reports, most of the people who have lost jobs are from the US and have happened across multiple business divisions. Variety reports that Netflix has a total of 11,000 employees and a total of 3 percent of Netflix's workforce was affected by the layoffs.

In the first round of layoffs, Netflix fired 150 employees. The streaming giant said that the decision to remove people was more business-driven rather than individual performance. Netflix reported $7.87 billion in Q1, which was short of Wall Street’s estimates of $7.93 billion.

In one of the earnings calls, Netflix had announced that it lost more than 2 lakh subscribers, which had never happened with the company before. Due to the ongoing conflict between Russia and Ukraine, Netflix had also envisaged losing an additional 2 million in the following quarter. After Russia's invasion of Ukraine, Netflix closed its Russian operations. Netflix is working hard for a cheaper ad-based subscription plan that is likely to attract users.

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