US-based Netflix lays off 150 people

2 min read

Netflix is ​​laying off about 150 people, a month after the broadcaster said it was losing subscribers for the first time in a decade.

The departures announced by the entertainment giant on Tuesday, will mainly affect his US office in California. They make up about 2% of its workforce in North America.

Netflix said the job losses were due to falling company revenues. The broadcast service is battling an exodus of viewers this year, rtv21.tv reports.

"These changes are driven primarily by business needs rather than individual performance, which makes them particularly difficult as none of us wants to say goodbye to such great colleagues," the company said in a statement.

It was not disclosed which parts of the business would have job losses, but the Los Angeles Times reported that recruitment, communications and also the content department were all affected.

Some people also discovered their job loss online.

In April, the broadcasting giant shocked the industry when it revealed it had lost 200,000 subscribers in the first three months of 2022 and warned that another two million were expected to leave in the next quarter.

The news sparked an investor sale, with the firm's stock falling 35% overnight. It is now trading at $ 190 (152 46), a XNUMX% drop over the previous price.

While Netflix has 220 million subscribers globally and remains a clear market leader, it has faced stiff competition in recent years with the advent of competing platforms like Disney Plus, HBO and Amazon Prime Prime.

In its revenue report last month, the company also said the war in Ukraine and the decision to raise its prices in the US had cost subscribers.

The withdrawal from the Russian market alone had cost the service 700,000 members.21Media