Netflix cuts 150 jobs amid subscriber slump – Los Angeles Times

by | May 17, 2022 | Jobs

Netflix on Tuesday announced it was cutting 150 jobs amid a slowdown in revenue and a decline in subscribers that has shaken the entertainment industry and triggered a reexamination of the streaming business.Most of the job losses are 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 Netflix spokesperson said in a statement. “So sadly, we are letting around 150 employees go today, mostly U.S.-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 announcement comes after Netflix reported a loss of 200,000 subscribers in the first quarter for the first time in more than a decade. The Los Gatos, Calif.-based streaming service expects to lose 2 million more subscribers this quarter. After its earnings report, the company’s stock declined 35.1% to $226.19 on April 20, its biggest one-day drop since 2004.Netflix is rethinking its business model, which long capitalized on providing a large library of content that was commercial free for a premium price of $15.49 a month for a standard subscription. Netflix had been ramping up its staff during the pandemic, as consumers joined the streaming service in droves as they sought ways to entertain themselves at home. As of December, Netflix had about 11,30 …

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