The World’s largest streaming service is taking refuge in new cost cutting measures
Netflix is sacking 150 employees across the company with most of the cuts happening in the United States.
“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,”
the company said in a statement.
It comes after the company recorded a large fall in subscribers, for the first time in a decade.
The news sparked an investor sell-off, with the firm’s stock plunging 35% in one day.
The layoffs represent only 2 per cent of the company’s total staff.
unfortunately i, too, was affected by the netflix layoffs today. it was a wild ride and i'm really proud of the work that i did, particularly being part of the @netflixgolden launch, and feel v. lucky i got to work with such brilliant people
— Madelyn Chung ้พ่่ฏโจ (@madelynchung) May 17, 2022
Netflix also plans on introducing ads as a way of building revenue.
It also wants to tackle password sharing privileges to compensate for lower revenues.
