Netflix Lays Off 300 More Employees , After Losing Subscribers.<br />Netflix Lays Off 300 More Employees , After Losing Subscribers.<br />A company spokesperson confirmed <br />the layoffs to CNN on June 23.<br />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 spokesperson, to CNN.<br />We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition, Netflix spokesperson, to CNN.<br />Mostly occurring in the U.S., the layoffs impact close to 3% of the streamer's workforce. .<br />CNN reports that in April, Netflix revealed its number of subscribers decreased for the <br />first time in over 10 years.<br />Investors responded to the announcement, wiping billions from Netflix's market value.<br />So far this year, Netflix's stock <br />has dropped about 70%.<br />In May, Netflix laid off 150 employees <br />due to "slowing revenue growth.".<br />As we explained <br />[in reporting Q1] <br />earnings, our slowing <br />revenue growth means <br />we are also having to <br />slow our cost growth <br />as a company. So sadly, <br />we are letting around <br />150 employees go today, <br />mostly U.S.-based, Netflix, via May 2022 statement.<br />CNN reports that the company is considering new tactics to get business back on track.<br />including a lower-priced ad tier and <br />cracking down on password sharing
