Netflix Lays Off About 150 Employees, 2% of Workforce, Amid Revenue Slowdown
variety.comTodd Spangler NY Digital EditorNetflix has pink-slipped about 150 staffers, mostly in the U.S., as it works to rein in costs with its top-line growth having slowed down.The cuts come across departments and is driven by the need to reduce expenses rather than the performance of individual employees, according to the company.
The layoffs represent roughly 2% of Netflix’s global workforce.“As we explained [in reporting Q1] earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” a Netflix rep said in an emailed statement. “So sadly, we are letting around 150 employees go today, mostly US-based.
These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues.
We’re working hard to support them through this very difficult transition.” Netflix surprised Wall Street in the first quarter of 2022, reporting a net loss of 200,000 streaming customers for the first time in more than a decade.
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