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Netflix lays off 300 employees in cost-cutting drive

Netflix lays off 300 employee

Netflix has laid off 300 employees as part of their cost-cutting efforts, Reuters reported. Last month, the broadcast giant laid off 150 workers. The current job reduction is equivalent to 4 percent of all company employees.

“While we continue to invest heavily in the business, we have made these changes so that our costs can grow in line with the slower growth in revenue,” Netflix said in a statement on Thursday.

Netflix subscriber growth has been hit by geopolitics and inflation in the first half of this year and expects a sharp decline in subscribers in the current quarter.

The broadcasting company is looking at lower subscriptions that include downsizing ads, according to the report.

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