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Saturday, October 1, 2022
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Netflix lays off 150 employees

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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.

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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%

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