Netflix lays off another 300 employees in wake of subscriber losses


Over two months after Netflix's shock subscriber loss, the streamer's woes continue.
Netflix confirmed Thursday it has laid off another 300 employees, or about three percent of the company. "While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth," Netflix said in a statement. "We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition."
Netflix previously laid off about 150 workers in May, again citing slowing revenue growth. In April, the company confirmed it lost 200,000 subscribers in the first quarter of the year, a big miss in expectations and the first time that Netflix has lost subscribers in over 10 years. Netflix cited a variety of factors, including heavy competition from rival streamers like Disney+, as well as password sharing.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Netflix has since announced plans to crack down on password sharing and launch a new cheaper subscription tier supported by ads. The ad-supported tier will reportedly launch as soon as this year, but a price point hasn't been revealed.
According to The Hollywood Reporter, Netflix is also looking to make bigger and better movies but also release fewer of them, and there's been talk that the streamer could give some of its movies major theatrical runs to gain an additional revenue stream. In April, though, Netflix forecast it would lose another two million subscribers during the second quarter of the year.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
6 sleek homes for modernists
Feature Featuring a concrete-and-steel home in South Carolina and a renovated 19th-century former carriage house in Pennsylvania
-
4 tips to get a lower credit card APR
the explainer Don't let your card's annual percentage rate balloon your balance
-
The Genius Myth: a 'fresh and unpretentious' book from Helen Lewis
The Week Recommends This 'angry, witty book' by Helen Lewis is a valuable critique of the 'flattering fiction' of genius
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off