Netflix is set to implement new cost cutting measures citing the low revenue growth
The largest streaming platform is laying off 150 staffers across the company with most of the cuts focused on the US office.
The layoff represents nearly 2% of the company’s total workforce of 11,000 employees.
One of Netflix’s representatives, while talking about the layoff, told CNBC
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.
This comes less than a month after the company recorded a fall in the number of subscribers.
Netflix shares have gone down significantly since January and the forecast shows further subscriber loss in the next quarter.
The company likely plans to introduce ads to the service or any one of its tiers after being ad free for years.
There might also be actions to prevent password sharing or charging users for doing so.
Shreya Vats contributed to this report
