Netflix Eliminates 150 US-Based Jobs After Suffering Losses

Streaming giant Netflix confirmed that the company laid off approximately 150 employees after losing subscribers for the first time in a decade.

The employee cuts largely affected its office in California which makes up around 2% of the company’s North American workforce.

Netflix recently stunned the streaming industry by revealing that it had lost 200,000 members in the first three months of 2022, with another two million set to leave in the next quarter.

“Unfortunately I, too, was affected by the Netflix layoffs today. It was a wild ride and I’m really proud of the work that I did,” said former Netflix employee Madelyn Chung on Twitter.

Netflix’s market value was recuded by nearly $60 billion when worried investors pulled out of the company after the reported losses.

While Netflix continues to be the apparent market leader with 220 million users worldwide, it has experienced severe competition in recent years with the introduction of alternative services such as Disney Plus, HBO, and Amazon’s Prime Video.

The ongoing war in Ukraine also affected Netflix’s revenue when the company decided to pull out of Russia and lost 700,000 of its subscribers.

“We want our teams to do what is best for Netflix. This, in turn, generates a sense of responsibility, accountability and self-discipline that drives us to do great work,” said Netflix.

© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.