Netflix lays off 300 employees in cost-cutting drive
15:05 JST, June 25, 2022
Netflix Inc NFLX.O said it laid off 300 employees, or about 4% of its workforce, in the second round of job cuts aimed at lowering costs after the streaming giant lost subscribers for the first time in more than a decade.
The move mostly affected its U.S. workforce and 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 on Thursday.
The world’s dominant streaming service has come under pressure in recent months as inflation, the war in Ukraine and fierce competition weigh on subscriber growth. After the subscriber drop in the first quarter, Netflix has forecast even deeper losses for the current period.
To arrest that downtrend, the company plans to introduce a cheaper, ad-supported subscription tier for which it is in talks with several companies.
"NEWS SERVICES" POPULAR ARTICLE
Japanese Actor-Director Kitano Says His New Film Explores Homosexual Relations in the Samurai World
Japan’s Nikkei Muted; Set to Post First Weekly Drop in Five as Tech Stocks Drag
Japan’s Nikkei Pares Early Gains as Investors Lock in Profits
Israel Searches for Traces of Hamas in Raid of Key Gaza Hospital Packed with Patients
Japan’s Nikkei Inches Down as Automakers Skid on Yen Strength
JN ACCESS RANKING
- Exports of Nishikigoi Carp to China Halted; Permits for Japanese Aquaculture Facilities By China Have Expired
- Japan April-Sept. Current Account Surplus Hits Record High
- Japan 2023 Food Exports Reach 1 Tril. Yen at Record Pace
- 69.7 Bil. Yen in COVID-19 Loans to Small Businesses Uncollectible
- AI-generated Child Porn Floods Japan-based Website (Update 1)