Netflix is laying off around 150 employees across the company, CNBC confirmed Tuesday.

The eliminated positions represent less than 2% of the streamer’s 11,000 staffers, with most of the cuts happening in the U.S.

“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” a representative from the company told CNBC. “So sadly, we are letting around 150 employees go today, mostly US-based. These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition”.

The staff reductions, which were expected, come less than a month after Netflix reported its first subscriber loss in a decade and forecast future losses in the next quarter. Shares of the company are down more nearly 70% since January.

During the company’s earnings last month, co-CEO Reed Hastings said the company is exploring lower-priced, ad-supported tiers in a bid to bring in new subscribers after years of resisting advertisements on the platform.

Netflix is also working to crack down on rampant password sharing, noting that in addition to its 222 million paying households, there are more than 100 million additional households through account sharing.

Netflix’s layoffs, while tied to its slowdown of subscribers, are part of a larger contraction of jobs within the tech industry. Several tech companies have recently announced hiring freezes and layoffs including Facebook parent company Meta, Amazon, Uber and Robinhood.

Thier share price GG off course let go staff la

This post has been edited by MrBaba: May 18 2022, 10:28 AM

one of the position must be ' Social Justice Executive' KEK

Netflix embracing woke SJW culture is so stupid. They hired the worst to produce the worst and now had to get rid of the worst.

up next, feasebook

This post has been edited by annoymous1234: May 18 2022, 10:30 AM

wait until nutflix desperate enough to beg elon musk to buy them so he can cure them of the woke mind virus.

This post has been edited by wkn: May 18 2022, 10:30 AM

Netflix shows really very woke these days. I skipped all the woke shows, seriously. Still watching the older shows.

You can go woke in video games/ entertainment, but I can assure you that the majority of people who PAY for entertainment and video games are not woke people.

Mismatch

This post has been edited by Chrono-Trigger: May 18 2022, 10:35 AM

Tapi woke show still a lot in Netflix lol

No more WFH, maka striming bizines pon koyak

Netflix acknowledges woke problem



TLDR - Netflix telling woke employees that they have to make non-woke shows for non-woke people as they need to cater for diversity (aka people who PAYS to watch netflix). If woke employees have problem with that, they should leave Netflix, not by asking anti-woke people to leave.

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too little, too late.

now everyone waiting for elon musk to buy nutflix & cure them of the woke mind virus.

150 jer?

seems like the whole organization is in on it

they say normally by layers, so more to come

A person used to tell me that this is just a phase, eventually money talks. Hollywood will bow down to money > woke culture.

Racist again introvert

Astro ;