Netflix surprises employees by laying off 150 people amid slow revenue growth

By Team Newsable | First Published May 18, 2022, 12:10 PM IST

"These adjustments are generally motivated by business needs rather than individual performance," the spokeswoman stated. Netflix's shares dropped 20% after it disclosed a loss of 2 lakh paying customers in the first quarter of 2022, the company's first subscriber loss in over a decade.

Netflix has cut off almost 150 people, largely in the United States, as it struggles with weak user growth and frozen paying subscriptions. According to TechCrunch, some top-tier creative workers from its original series vertical, such as Sebastian Gibbs and Negin Salmasi, have been asked to leave. "As we highlighted in results, our slower revenue growth means we must also decrease our company's expense growth." So, regretfully, we are letting roughly 150 workers go today, largely in the United States," a Netflix official was quoted in the story late Tuesday.

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Netflix let off numerous seasoned journalists and writers this month for its entertainment site Tudum, which it barely started in December of last year. Netflix hired seasoned entertainment writers from magazines such as Vice and Bustle. The majority of the Tudum culture and trends crew was reportedly sacked.

The firm has also informed its staff that if they do not agree with its material, they are free to leave the streaming behemoth, a decision that was applauded by Tesla CEO Elon Musk. "Depending on your job, you may be required to work on titles that you believe are damaging. Netflix may not be the right location for you if you find it difficult to sustain our content breadth," the firm claimed.

Also Read | Netflix likely to add live streaming feature soon for unscripted shows, comedy specials

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