Netflix lays off 300 more people – about 3% of its employees – Meczyki.Net

Video streaming company Netflix said it has laid off 300 people — which makes up 3% of its workforce — because of slowing growth and the economic slowdown. This is the company’s second layoff in two months after laying off 150 employees in May. In April, it also laid off a group of employees from its editorial arm, Tudum, which was launched only last December.

“Today, we laid off approximately 300 employees,” Netflix said in a statement Thursday. “While we continue to invest significantly in the business, we made these adjustments so that our costs could increase in line with our slower revenue growth. “We are grateful for everything they have done for Netflix and are working hard to support them through this difficult transition,” a company spokesperson said in a statement.

The firm noted that most of the laid off workers were outside the US, but there have also been cuts in Asia Pacific, Latin America and Europe, the Middle East and Africa (EMEA).

Netflix joins a long list of companies such as Coinbase, and Masterclass that have laid off a significant portion of their workforce.

The company hit a growth spurt this year, losing more than 200,000 customers in the first quarter. At the time, the firm said it expected to lose 2 million global paid customers in the second quarter. The company cited the Russian invasion of Ukraine, the COVID pandemic and password sharing as some of the primary factors causing the slowdown.

Netflix stock, which was up about $512 a year ago, is trading at $178.93 at the time of writing — a drop of about 65%.

The company is working on several initiatives to increase revenue and customer base. It plans to livestream its unscripted shows like stand-up comedy. It is doubling down on its gaming efforts by launching new titles as well.

The company also plans to charge you more if people outside your home are using your account. It’s already testing the feature in Chile, Costa Rica and Peru, but it’s not doing well. The streaming service also plans to add an ad-supported tier this year to reach a wider audience.