Netflix lays off 300 more employees as revenue growth slows
Netflix is laying off around 300 more employees across the company.
The cuts, which represent about 3% of total employees, come about a month after the streaming company eliminated about 150 positions in the wake of its first subscriber loss in a decade.
“Today we sadly let go of around 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 are growing in line with our slower revenue growth. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
$Netflix(NFLX.US$ is working to crack down on rampant password sharing as well. The company said that in addition to its 222 million paying households, more than 100 million households use its service through account sharing.
Shares of the company were down less than a percent during midday trading Thursday, but are down more around 70% since January.
$Netflix(NFLX.US$ $Disney(DIS.US$ $Amazon(AMZN.US$
“Today we sadly let go of around 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 are growing in line with our slower revenue growth. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
$Netflix(NFLX.US$ is working to crack down on rampant password sharing as well. The company said that in addition to its 222 million paying households, more than 100 million households use its service through account sharing.
Shares of the company were down less than a percent during midday trading Thursday, but are down more around 70% since January.
$Netflix(NFLX.US$ $Disney(DIS.US$ $Amazon(AMZN.US$
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Upncoming1841 : It must be hard to be able to repeatedly create new hit shows. It is easy to create new shows but not hits like the squid games. Tough industry. Also piracy is rampant and it takes lots to money to enforce. The minute you spend
on lawyers to shut down an illegal online site, another new one will pop up.
Yudog78 : Yes
Ankur TiwariOP Upncoming1841: tooooo difficult
Ankur TiwariOP Yudog78:
Muhd Noor Azhar : yes
71636490 : Nadda, in fact I’ve taken Puts 1 and 2 years out. GLTA tho!