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Netflix lays off 300 employees in second round of job cuts

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Netflix announced on Thursday it laid off 300 employees in a second round of job cuts after losing subscribers for the first time in more than a decade.The cuts amounted to about 4% of the streaming giant’s workforce, and mostly affected US employees.

They came after the company cut 150 jobs last month.“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,” Netflix said in a statement.Netflix said in February it had lost 200,000 subscribers globally at the start of 2022, and projected a decline of 2 million users in the upcoming quarter.The company blamed the drop on a range of factors, including increased competition, the economy, the war in Ukraine, and the large number of people who share their accounts with non-paying households.Last month’s layoffs also mostly affected the company’s US workforce.

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