Netflix has laid off 300 employees for a second downsizing

Netflix has announced that it has laid off 300 employees in the second round of staff reductions. This is 4% of employees.

The layoffs have hit the tech industry hard, with Streaming Giant the latest company to announce more layoffs after losing subscribers for the first time in more than a decade.

“Unfortunately, today we are laying off about 300 employees. A Netflix spokeswoman said: ‘We continue to invest heavily in our business, but costs are rising as revenue growth slows. So we made these adjustments.'”

“We are very grateful for everything they have done for Netflix and we are working to support them during this difficult transition.

The layoffs primarily affected several US teams, but also affected employees in the Singapore, Tokyo, Mumbai, Seoul, Argentina and Europe offices.

Last month, Netflix laid off 150 employees to cut losses due to reduced subscriptions.

According to the company, it lost 200,000 subscribers in the first quarter, but it did not lack the additional forecast of 2.5 million subscribers. The suspension of the service in Russia after the invasion of Ukraine also killed 700,000 Netflix members.

Subscriber losses may be caused by the end of the pandemic-caused streaming boom, as families dropped a record number of video subscriptions earlier this year.

In addition, the rising cost of living has forced more than 1.5 million UK households to cancel their streaming service accounts in the first three months due to “saving money”.

On Thursday, Netflix CEO Ted Sarands said the company is in talks with several companies for an advertising partnership.

Earlier this week, the company was discussing potential marketing deals with Google and NBCUniversal.

In April, the tech giants said they were confirming payment plans to limit password sharing in Latin America, which could spread to other countries.