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Netflix lays off 300 employees in cost-cutting drive

(Reuters) - Netflix Inc (NASDAQ:NFLX) said it laid off 300 employees, or about 4% of its workforce, in the second round of job cuts aimed at lowering costs after the streaming...
Netflix lays off 300 employees in cost-cutting drive © Reuters. Toy figures of people are seen in front of the displayed Netflix logo, in this illustration taken January 20, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) - Netflix Inc (NASDAQ:NFLX) said it laid off 300 employees, or about 4% of its workforce, in the second round of job cuts aimed at lowering costs after the streaming giant lost subscribers for the first time in more than a decade.

The move mostly affected its U.S. workforce and came after the company cut 150 jobs last month.

"While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth," Netflix said in a statement on Thursday.

The world's dominant streaming service has come under pressure in recent months as inflation, the war in Ukraine and fierce competition weigh on subscriber growth. After the subscriber drop in the first quarter, Netflix has forecast even deeper losses for the current period.

To arrest that downtrend, the company plans to introduce a cheaper, ad-supported subscription tier for which it is in talks with several companies.

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27-06-2022 07:15:57 (UTC+7)

EUR/USD

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8,244.10

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42.215

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 EUR/USD1.0567↑ Sell
 GBP/USD1.2283↑ Sell
 USD/JPY135.07Buy
 AUD/USD0.6940↑ Sell
 USD/CAD1.2902↑ Buy
 EUR/JPY142.74Neutral
 EUR/CHF1.0117Sell
 Gold1,832.30↑ Sell
 Silver21.175↑ Sell
 Copper3.7565↑ Sell
 Crude Oil WTI106.01↑ Sell
 Brent Oil107.59↑ Sell
 Natural Gas6.229↑ Buy
 US Coffee C223.40↑ Buy
 Euro Stoxx 503,533.17Neutral
 S&P 5003,911.74↑ Buy
 DAX13,118.13↑ Sell
 FTSE 1007,208.81↑ Buy
 Hang Seng21,719.06↑ Buy
 Small Cap 20001,765.74↑ Buy
 IBEX 358,244.10Sell
 BASF42.215↑ Buy
 Bayer57.79↑ Sell
 Allianz181.20↑ Sell
 Adidas170.36↑ Sell
 Lufthansa5.966↑ Sell
 Siemens AG102.62↑ Buy
 Deutsche Bank AG8.919↑ Buy
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