Streaming service giant Netflix has slashed its workforce by four percent amid growing costs and struggles to keep subscribers. The layoff mostly affected the workers in the United States and saw 300 employees lose their jobs.
Netflix has now scaled down on the workforce for the second consecutive month. The streamer previously laid off 150 employees in May due to “slowing revenue growth.” Issuing a statement, the company said the recent job cuts were made for the same reason.
“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,” said Netflix spokesperson. “We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
Netflix has been struggling to keep subscribers in recent months, and its user base is already down by 200,000 in 2022. The company expects the trend to continue and has even projected a loss of 2 million subscribers by the end of the year.
As a result, Netflix’s stock plummeted close to 70 percent in the past six months. NFLX is trading at $189.70 per share compared to its peak value of $690.31 last October.