Share this

“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 company spokesperson told CNN Business Thursday.

“We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”

Netflix has begun a second round of lay-offs.
Netflix has begun a second round of lay-offs. (Olly Curtis/Future Publishing via Getty Images)
Thursday’s layoffs impact around 3 per cent of Netflix’s workforce, which includes 11,000 full-time employees. The layoffs are also mostly taking place in the United States. Variety was the first to report the news.

Netflix reported in April that it lost subscribers for the first time in more than a decade. That sent shock waves through Wall Street, leading investors to wipe billions of dollars off Netflix market cap. The company’s stock has plummeted roughly 70 per cent this year.

Last month, Netflix laid off 150 workers, placing the blame on slowing revenue growth.

Netflix has been coming up with ways to turn the negative tide and get the platform, which has 221.6 million subscribers, back on track.

Ideas include introducing a new lower-priced ad tier and clamping down on password sharing among subscribers.

Pilot’s understated announcement after all four engines shut down

Share this
You May Also Like

Toddler of Australian woman who vanished in Mexico may hold clue

Speaking to Today, from Moranbah in Queensland, Tahnee’s brother Daniel Shanks said…

End of financial year: All the changes happening on July 1 including Centrelink family payments increase, minimum wage and super

The financial year will come to a close at midnight tonight, sparking…

KFC menu prices to rise again in 2022 as inflation bites

KFC will raise its menu prices for the third time this year,…

Neobank set to close and return money to customers

Digital bank Volt is set to shut down and has urged customers…

Almost 40 per cent of Aussies say they have ‘no religion’

More Australians than ever have reported they don’t identify with any religion,…

Queensland mum speaks on giving birth to triplets while in a coma

A Queensland mum who gave birth to her triplets while in a…
Unusually warm periods can last for weeks or months, killing off kelp forests and corals, and producing other significant impacts on marine ecosystems, fishing and aquaculture industries worldwide (pictured)

New Zealand sea sponges are ‘dying by the millions’ due to climate change

On land, heatwaves can be deadly for humans and wildlife and can…

Australia’s aged-care sector losing 65,000 workers every year, report finds

Australia‘s aged-care sector is short of 35,000 workers, with about 18,000 staff…