NETFLIX LAYS OFF 150 EMPLOYEES AS THE STREAMING SERVICE CONTENDS WITH BIG SUBSCRIBER LOSSES

From WWW.CNBC.COM

Netflix is laying off around 150 employees across the company, CNBC confirmed Tuesday.

The eliminated positions represent less than 2% of the streamer’s 11,000 staffers, with most of the cuts happening in the U.S.

“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” a representative from the company told CNBC. “So sadly, we are letting around 150 employees go today, mostly US-based. 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. We’re working hard to support them through this very difficult transition”.

The staff reductions, which were expected, come less than a month after Netflix reported its first subscriber loss in a decade and forecast future losses in the next quarter. Shares of the company are down more nearly 70% since January…. (Read more)