Netflix terminates 300 employees in second round of job cut

Netflix said it terminated jobs of 300 employees, or about 4 percent of its workforce, in the second round of job cuts aimed at lowering costs.
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The streaming giant lost subscribers for the first time in more than a decade.

The move mostly affected its U.S. workforce and came after the company cut 150 jobs last month.

“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,” Netflix said in a statement on Thursday.

The world’s #1 streaming service provider has come under pressure in recent months as inflation, the war in Ukraine and fierce competition weigh on subscriber growth. After the subscriber drop in the first quarter, Netflix has forecast deeper losses for the current period.

Netflix plans to introduce a cheaper, ad-supported subscription tier for which it is in talks with several companies.