Netflix, the global video streaming service, has laid off 300 employees due to slowing growth and the economic recession.
This is the firm’s second layoff in two months, after it let go of 150 staff in May.
According to a statement made by Netflix, “We sadly let go of around 300 employees, while we continue to invest significantly in the business, we made those adjustments so that our costs are growing in line with our slower revenue growth. We are grateful for everything they have done for Netflix and we are working hard to support them through this difficult transition.”
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The company hit a growth low this year, as it lost more than 200,000 subscribers in the first quarter, marking it the first time to lose subscribers in over 10 years.
13 percent of cancellations in the first quarter of 2022 were made by subscribers who had been using the service for more than three years according to survey data.
According to the company, more than 30 million households use a shared password, which could be one of the main reasons why overall usage of the platform has remained stable despite the loss of paid subscribers.
