In a bid to cut costs, Netflix Inc has fired 300 employees. According to statistics, it comes for about 4 per cent of its workforce. The move primarily impacted its US workforce after the company cut 150 jobs last month.
Netflix, in its statement, said on Thursday, “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.”
Inflation, the Ukraine war, and fierce competition have weighed on subscriber growth at the world’s dominant streaming service in recent months.
Following the drop in subscribers in the first quarter, Netflix has forecast even more significant losses for the current quarter.
To halt the downward trend, the company intends to launch a lower-cost, ad-supported subscription tier, for which it has talked with several companies.
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