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Netflix Lays Off 150 Employees As a Result Of Losing Subscribers

Netflix Lays Off 150 Employees As a Result Of Losing Subscribers 

Following a 200k subscription drop last month, Netflix has revealed its continued financial difficulties.

By Omotayo Olutekunbi

In a move to control revenue following its current financial problem, the firm let off approximately 150 employees in its California location on Tuesday.

In a statement, the company stated, “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,”

Recruiting, communications, and the content department are among the areas affected, according to the Los Angeles Times.

Netflix’s over 200 million global members were struck hard this year, with the firm blaming the conflict in Ukraine, its exit from the Russian market, and password sharing for the decline.

According to the article, the streamer’s exit from the Russian market cost them 700,000 customers. Password sharing, on the other hand, is believed to have cost 100 million families worldwide.

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