Netflix loses 200,000 subscribers then lays off 100+ employees

After announcing for the first time in 11 years that it had lost paying subscribers, Netflix has fired more than 100 employees.

@JakConnorTT
Published Wed, May 18 2022 2:47 AM CDT   |   Updated Mon, Jun 6 2022 9:48 PM CDT

A new report from CNBC has revealed that Netflix plans to cut over a 100 employees from its company, with most of the staffers being located in the US.

Netflix loses 200,000 subscribers then lays off 100+ employees 01 | TweakTown.com

According to a Netflix representative that spoke with CNBC, as a result of Netflix's slowing revenue growth, the company has been forced to reduce our cost growth, which has translated into 150 staffers being let go. Netflix's 150-employee cull represents just 2% of the company's 11,000 employees, with the majority of the cut staffers being US-based.

The representative explained that the decision to fire staff had been driven by "business needs rather than individual performance," and for that reason, it makes it especially difficult to "say goodbye to such great colleagues. We're working hard to support them through this very difficult transition". These staff reductions are hardly surprising considering the fall of Netflix's stock price following its forecast for future losses in the coming quarter.

Netflix share prices have dropped nearly 70% since January, and the company is facing upcoming challenges with account sharing across multiple households.

Read more: Netflix to fast-track rolling out its plan to kill account sharing

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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