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Netflix Inc has recently stated that the company will be laying off about 150 of its employees as the number of paying customers dropped drastically since the last month.
Netflix loses paid subscribers
As reported by India Times, the company said, “Our slowing revenue growth means we are also having to slow our cost growth as a company. Sadly, we are letting around 150 employees go today, mostly US-based.”
The decision to lay off employees comes days after the company announced its subscriber loss in a decade.
As a result of the ongoing war between Ukraine and Russia, the company has been losing out on several paid customers. This has resulted in a drop in the share price of the company to nearly 70%
