NETFLIX Sacks 300 Employees As Revenue Grew Slower

Netflix a video streaming company after they sacked over 150 staff in the past two months have laid off another 300 employees about 3% of their workforce.

The company said this decision was made as their revenue grew slower than expected. Most of the laid-off workers are out of the US. It affected majorly employees from the Asia Pacific, Latin America, Europe, the Middle East and Africa.

Netflix in a statement announced this development on Thursday and said “Today, we sadly let go of around 300 employees. 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,” the company added.

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What you must know

In the first quarter of the year, Netflix hit a roadblock in their growth causing them to lose over 200 subscribers and during that time, they expect to lose over 2 million global paid subscribers siting the invasion of Ukraine, covid pandemic and habitual way people share Netflix logins as a primary factor.

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Netflix has been working on several methods to overcome its growth roadblocks. The video streaming company is coming up with an initiative to Livestream its unscripted shows like stand-up comedies and also to increase charges for subscribers that share accounts with their household

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