Netflix is laying off around 150 employees across the company, CNBC reports.
The eliminated positions represent less than 2 percent of the streamer’s 11,000 staffers, with most of the cuts happening in the U.S.
“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” a representative from the company told CNBC. “So sadly, we are letting around 150 employees go today, mostly U.S.-based. 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. We’re working hard to support them through this very difficult transition.
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