Netflix lays off 150 employees amid slowing revenue

Netflix cut nearly 150 people, mostly in the United States, as it struggles with weak user growth and frozen paid subscriptions. According to TechCrunch, several high-level creative employees of its original vertical series, including Sebastian Gibbs and Negin Salmasi, were forced to leave. “As we stated with respect to earnings, our slowing revenue growth means we also need to reduce our expense growth. We are laying off about 150 employees today, most of whom are located in the States. -United”. quoted in the newspaper as declaring.

“These changes are typically driven by business needs rather than individual performance,” the spokeswoman said. Shares of Netflix fell 20% after the company revealed a loss of 2 lakh paid subscribers in the first quarter of 2022, its first in more than a decade. Additionally, it now expects a global paid subscriber loss of 20 lakh in the April to June quarter (Q2). Netflix has fired several senior journalists and writers from its entertainment site Tudum, which it barely launched in December last year.

Vice, Bustle and other publications had hired veteran entertainment journalists for Netflix. The majority of Tudum’s culture and trends team have reportedly been fired. Tesla CEO Elon Musk has applauded the company’s decision to tell its staff that if they disagree with its content, they can leave the streaming giant.