Netflix Inc. has fired an additional 300 employees as streaming giants are trying to keep costs down in the face of uneven subscriber growth.
Unemployment is company-wide and most of the affected workers are based in the United States. The cut is twice as big as the one created by the streaming giant last month. This news was first reported on Variety.
“We continue to invest heavily in our business, but we’ve made these adjustments to increase costs as revenue growth slows,” a Netflix spokeswoman said in an email.
“I am very grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
Netflix is reinventing its operations after overturning its subscription-based revenue model after 200,000 subscribers left in the first quarter of 2022. Difficulties beat the company’s stock price and demoralized workers.
Netflix dismissed contract employees and editorial staff from the Tudum site in April, in addition to the temporary dismissal in May. This is part of a reduction in marketing budget.
Netflix subscribers were worried partly because of the January price increase. In addition, competition with streaming content from Amazon.com Inc., Walt Disney Co., and Hulu is intensifying, all of which have recently recorded an increase in subscriptions.
