Netflix confirmed it laid disconnected "around 300 employees" connected Thursday. It's the streaming giant's latest circular of occupation cuts truthful acold this twelvemonth arsenic it faces slowing growth. The layoffs were earlier reported by Variety.
"While we proceed to put importantly successful the business, we made these adjustments truthful that our costs are increasing successful enactment with our slower gross growth," a Netflix spokesperson said successful an emailed connection Thursday.
Netflix's downsizing comes aft it announced successful April that it lost subscribers for the archetypal clip successful 10 years. It reported losing 200,000 subscribers successful the archetypal 4th of 2022 and said it expected to suffer 2 cardinal much from April to June.
Netflix has blamed its subscriber losses connected password sharing and Russia's penetration of Ukraine. It said it mislaid 700,000 subscribers erstwhile it pulled retired of Russia. The streaming scenery has besides grown much competitive, with caller services similar Disney Plus, HBO Max and Paramount Plus joining longer established competitors similar Hulu.
Overall, Netflix had 11,300 employees astatine the extremity of 2021.