Netflix has announced to cut 300 Employees in 2nd round of layoffs – amounting to 3% of its total workforce this time around.
The streaming service has been hit with slowing growth in the past year and had undergone a round of layoffs just in the last month laying off 150 Employees.
A total of about 216 employees were let go as part of these layoffs in the United States and Canada, 53 employees in the European & African region, 30 from Asia-Pacific, and 17 from LatAm the company mentioned in a memo shared with the employees on Thursday.
“We know these two rounds of layoffs have been very hard for everyone – creating a lot of anxiety and uncertainty. We plan to return to a more normal course of business going forward. And as we cut back in some areas, we also continue to invest significant amounts in our content and people: over the next 18 months, our employee base is planed to grow by ~1.5K to ~11.5K” Cheif Hastings mentioned in the Memo.
There were obvious rumors that the layoffs were about to happen, considering the situation the company was headed to. The company’s shares were brought down along with this announcement and is trading at $177.40, as of this article.