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Netflix said Thursday it’s giving pink slips to another 300 employees as the streaming company tries to cut costs amid slow revenue growth. This news comes after the company, which is headquartered in the Bay Area, announced layoffs for 150 employees and dozens of contractors in May.
In the latest rounds of layoffs, most of the affected employees are based in the United States, though some are also in the Asia Pacific, Latin America, Europe, Middle East and Africa offices.
“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 to SFGATE. “We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
The Los Gatos company reported that it lost more than 200,000 paid subscribers in the first quarter of 2022, marking the first time Netflix’s customer base dropped in over a decade.
“Our revenue growth has slowed considerably,” the company said in an April 19 letter to shareholders. “Streaming is winning over linear, as we predicted, and Netflix titles are very popular globally. However, our relatively high household penetration … combined with competition, is creating revenue growth headwinds.”
Netflix said in the letter that growth slowed due to competition from other streaming services, such as Amazon Prime and Hulu, and subscribers sharing passwords with people who aren’t paying for the service.
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