Netflix sacks 300 more employees as revenue slows

TECHDIGEST – Less than two months after it sacked 150 staff, video streaming company, Netflix has laid off another 300 employees, which represents 3% of its workforce.

The company says this became necessary to adjust its costs as it continues to record slower revenue growth.

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According to the company, most of the laid-off employees were based out of the U.S. The job cuts affected employees in the Asia Pacific, Latin America and Europe, the Middle East, and Africa (EMEA) as well.

Netflix in a statement announcing the development on Thursday said: “Today, we sadly let go of around 300 employees. 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.”

“We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition,” the company added in the statement.

Source: Nairametric


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