Netflix cut off another 300 workers as the streaming company looks to reduce expenses amid uneven customer growth.
The job losses are spread throughout the organization, with the majority of those affected headquartered in the United States. The reduction is twice as significant as the one offered by the streaming service last month. Variety was the first to report the news.
“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 Netflix spokesperson said in an email. “We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
Netflix is retooling its operations after the departure of 200,000 subscribers during the first quarter of 2022 upended the company’s subscription-based revenue model. The difficulties have bludgeoned the company’s stock price and hurt worker morale.
In addition to the layoffs in May, Netflix also let go some contract workers and editorial staff from its Tudum site in April – part of a scaling back of its marketing budget.
Netflix’s subscription difficulties were exacerbated in part by a price increase in January. Furthermore, it is competing with streaming content from Amazon.com, Walt Disney, and Hulu, all of whom have lately reported membership growth.
