Netflix Inc. has laid off 300 more employees which is about 4% of its workforce. The second round of retrenchment is also aimed at lowering costs after the streaming giant lost subscribers for the first time in a decade. People in its US office were mostly affected by the laying off. Just last month, Netflix had retrenched 150 employees.
“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,” the streaming giant said in a statement on June 23.
Netflix has forecast even deeper losses for the current period after the fall in subscribers in the first quarter of 2022. To check the downtrend, the OTT platform plans to introduce a cheaper, ad-supported subscription tier for which it is in talks with several companies.