Netflix Lays Off Another 150, Including Directors

Company is dealing with subscriber loss for the first time
By Bob Cronin,  Newser Staff
Posted May 17, 2022 5:54 PM CDT
Dealing With Subscriber Loss, Netflix Lays Off 150 More
   (Getty/iamnoonmai)

(Newser) – The hits keep coming at Netflix. After announcing last month that it had lost subscribers, the streaming service laid off employees in animation and at its Tudum website. Content has been cut, with projects in the works being canceled. On Monday, 150 more employees were laid off, per Vulture. "Our slowing revenue growth means we are also having to slow our cost growth as a company," a spokesperson said in a statement. "So sadly, we are letting around 150 employees go today, mostly US-based."

Many of the people who lost their jobs held creative positions in TV or film, per Deadline. Executives were included, as were directors. "These changes are primarily driven by business needs rather than individual performance," the spokesperson said. The subscriber loss has sent the company's stock price into a dive and prompted a lawsuit by investors who say Netflix misled them, per the Hollywood Reporter. Monday's layoffs affect less than 2% of the company's 11,000 employees, per CNBC. (Read more Netflix stories.)

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