Netflix Cuts 300 Employees in a New Round of Layoffs

Netflix revealed on Thursday that it has cut off “around 300 workers,” its staff, in the latest wave of big layoffs at the embattled streaming giant.

A memo from the company shows 216 employees affected in the United States and Canada, 30 in Asia-Pacific nations, 53 in Europe, the Middle East, and Africa, and 17 in Latin America, a memo from the company shows.

“Both Ted and I regret not seeing our slowing revenue growth earlier so we could have ensured a more gradual readjustment of the business,” read a note sent to staff on Thursday from Netflix co-chiefs Reed Hastings and Ted Sarandos.

Netflix laid off 150 employees in May and cut jobs from its companion site, Tudum, in April.

“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,” it added.

After announcing in April that it had lost subscribers for the first time in ten years, Netflix announced a reduction in staff. In the first quarter of 2022, it reported losing 200,000 subscribers, and from April to June, it estimated losing an additional 2 million.

The company has cited password sharing and Russia’s invasion of Ukraine as the causes of their subscriber losses. It claimed that after leaving Russia, it lost 700,000 subscribers.

The streaming landscape has also grown more competitive, with new services like Disney Plus, HBO Max, and Paramount Plus joining longer-established competitors like Hulu.