Netflix is slicing around 300 jobs right now as a part of a second spherical of layoffs. The firm beforehand laid off around 150 staff and dozens of contractors in May.
The layoffs affect “many different teams” and largely employees within the US, although worldwide roles are being minimize as properly, Netflix spokesperson Bao Nguyen stated in an announcement to The Verge. Variety first reported on the job cuts.
“Today we sadly let go of around 300 employees,” Nguyen stated. “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.”
It’s the newest spherical of job cuts after Netflix’s tough Q1 earnings report, the place it introduced that income progress was slowing and that it lost subscribers for the first time in over a decade.
Nguyen declined to touch upon whether or not Netflix plans extra layoffs within the close to time period. But co-CEOs Reed Hastings and Ted Sarandos informed employees that “we plan to return to a more normal course of business going forward” in an electronic mail obtained by The Hollywood Reporter.
