Netflix has had a difficult year as the streaming service lost thousands of subscribers, adding to the list of problems for the streaming service giants.
The company has been trimming its workforce again, and this time around 300 employees said goodbye to the streaming service company.
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One month after laying off 150 employees, 4% of their workforce was let go on Thursday.
The recent layoffs at Netflix have had a significant impact on their US employees. The company later released an official statement about the matter.
“Today, we sadly let go of around 300 employees,” said the company. “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.”
“We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition,” Netflix added.
Netflix has been through a lot this year. They faced off against inflation, Russian invaders and growing competition from other streaming services to keep their top spot as one of the world’s biggest media companies in the industry.
The company initially projected an additional 2.5 million subscribers in the first quarter, but instead suffered a loss of 200,000.
Despite its losses, the streaming company has maintained a subscriber base of 221.6 million.
Netflix is anticipating a loss of 2 million subscribers globally in the second quarter, and the company will announce their numbers next month.
The company’s share price has crashed in recent months, with the closing level at $360-odd per week after the first quarter results after an initial closing share of $508.25 in January.
Last week, another fall fueled more fear around Netflix’s sustainability and profitability.
Netflix is exploring new ways to bring in more customers with ad-supported plans to bring in new subscribers, according to co-CEO Reed Hastings. This would be an intriguing move for them, as they have been dismissing the prospects of putting advertisements on their platform for years.
It is possible that the cheap option won’t be available on Netflix for another year or two.
Netflix is working to solve password sharing. The company started testing different methods earlier this year and now it’s expanding those tests into more countries, including Chile, Costa Rica, and Peru.
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