Netflix is laying off about 150 employees across the company, CNBC confirmed on Tuesday.
The positions cut represent less than 2% of the streamer’s 11,000 staff, with most of the cuts taking place in the United States.
“As we explained on earnings, our slowing revenue growth means we also need to slow our cost growth as a business,” a company representative told CNBC. “Very unfortunately, we are laying off approximately 150 employees today, mostly based in the United States. These changes are primarily driven by business needs rather than individual performance, which makes them particularly challenging as none of We only want to say goodbye to such great colleagues. We are “working hard to support them through this very difficult transition.”
Netflix’s revelation that it lost 200,000 subscribers in the first quarter has put further pressure on an already beleaguered tech sector, but leading analyst Mark Mahaney believes the sector’s current weakness presents several opportunities for investors.
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