Streaming giant Netflix has laid off 300 employees, mostly in the US, in a second round of job cuts following a slowdown in subscriber growth.
That equates to about 4 per cent of its workforce being made redundant in the cost-cutting efforts, Reuters reported. The move comes after the company laid off 150 employees in May.
In April Netflix blamed saturation in its biggest markets, increased competition and macro-factors including continued disruption of Covid-19 (coronavirus) as it missed its own estimates for subscriber growth in Q1 2022.
Netflix continues to “invest significantly in the business”, but made the redundancies to ensure that “costs are growing in line with our slower revenue growth”, it explained in a statement.
The cuts come amid the streaming service’s plans to create a cheaper, ad-supported subscription tier to boost subscriber counts.