Netflix lays off another 300 employees in wake of subscriber losses

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published 23 June 2022

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.

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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.

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