Netflix will fire another 300 employees as revenue growth slows

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The announcement that Netflix lost 200,000 subscribers in the first quarter put more pressure on the already plagued tech sector, but top tech analyst Mark Mahney said the sector’s current weaknesses. We believe that it will bring some opportunities to investors.

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Netflix We have fired about 300 employees company-wide.

A reduction of about 3% of the company’s employee base will occur about a month after streaming. The company has eliminated about 150 positions In the wake of the loss of subscribers for the first time in 10 years.

“Today we sadly let go of about 300 employees,” Netflix said in a statement Thursday. “We continue to invest heavily in our business, but we have made these adjustments to increase costs as revenue growth slows. Thank you for everything we did to Netflix. We are working hard to overcome and support this difficult situation. Transition. “

Netflix warned investors in April that it would slow back some of its spending growth over the next two years.

The company’s chief financial officer, Spence Neumann, said in a statement in the company’s earnings announcement that Netflix is ​​trying to be “wise” about withdrawing to reflect the reality of the business. The company still plans to invest heavily, including about $ 17 billion in content.

Reed Hastings Co-CEO also called, the company Explore low-priced ad-supported hierarchies To attract new subscribers after years of resistance to advertising on the platform.

Netflix is ​​also working on cracking down on rampant password sharing. According to the company, in addition to 222 million households, More than 100 million households use the service through account sharing..

In Thursday noon trading, the company’s share price fell less than 1%, but has fallen about 70% since January.

Netflix will fire another 300 employees as revenue growth slows

Source link Netflix will fire another 300 employees as revenue growth slows

The post Netflix will fire another 300 employees as revenue growth slows appeared first on Eminetra.

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