Following Netflix’s report of slowing revenue and falling subscriber count, Netflix has announced that it would be firing around 150 employees and contractors.
The layoffs will include 26 contractors that work for the company’s fan-centric Tudum website, which were also part of layoffs several months ago.
Most fired workers are located in the US according to the company.
“These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues,” said Erika Masonhall, a Netflix spokesperson. “We’re working hard to support them through this very difficult transition. A number of agency contractors have also been impacted by the news announced this morning. We are grateful for their contributions to Netflix.”
During the first quarter of 2022, Netflix reported that it lost around 200,000 subscribers, which marks the first time the streaming giant has reported a loss in this area in over a decade.
The firm has cited the war in Ukraine for part of this reduction in revenue and users as it shut down its services in Russia earlier this year.
As a result, Chief Financial Officer Spencer Neumann revealed that Netflix would slow its spending over the next two years during the company’s first quarter earnings call.