Netflix previously laid off 150 full-time staffers and dozens of contractors and part-time workers in response to a revenue slowdown.
Netflix announces layoffs after it posted a first-quarter subscriber loss for the first time in more than a decade.The streaming service expects to lose 2 million more sutbscribers this quarter, as Netflix faces a more competitive streaming environment. The rise of Disney+, HBO Max, Paramount+ and other streamers have increased pressure on Netflix to make more hit programming.
The layoffs are a result of Netflix trying to preserve its profit margins after leaders misjudged how competition and other factors in the streaming market would affect revenue after the early pandemic surge. According to the email, the layoffs will affect 17 employees in Latin America, 30 in the Asia Pacific region, 53 in Europe, the Middle East and Africa and 216 in the U.S. and Canada. “Each level was impacted evenly by these changes — roughly 3% of VPs, directors, managers and individual contributors were let go today,” Hasting wrote.
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