Netflix Cutting 300 Employees, Looks to Align Costs With Slower Revenue
June 23 2022 - 1:22PM
Dow Jones News
By Denny Jacob
Netflix Inc. said Thursday it is cutting around 300 employees as
it continues to grapple with slowing revenue growth.
"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," a Netflix spokesperson said in a statement. "We
are so grateful for everything they have done for Netflix and are
working hard to support them through this difficult
transition."
The subscription streaming company's decision comes a month
after it cut 150 employees. A spokesperson at the time said most of
the employees being laid off are based in the U.S. and that the
layoffs were based primarily on business needs rather than
individual performance.
The layoffs came after Netflix in April posted its first
subscriber loss on a quarterly basis in over a decade.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
June 23, 2022 14:07 ET (18:07 GMT)
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