Netflix has embarked on a sacking spree, axing 150 full-time and 70 part-time staff.
The streaming company has been aggressively cutting costs after it revealed in its last financial report a declining subscriber base. Netflix’s stock price has plummeted 68 per cent since the beginning of the year, wiping tens of billions off its market value.
The 150 full-time employees who lost their jobs represent 2 per cent of its US workforce, according to The New York Times. Deadline reported the eliminated positions are mostly in its creative ranks, including people in executive and director ranks working on original titles.
“As we explained [in reporting Q1] earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” Netflix said in a statement to Variety. “So sadly, we are letting around 150 employees go today, mostly US-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.”
The 70 part-time positions, according to Variety, are in the company’s animation department, which had already one month earlier lost its director of creative leadership and development Phil Rynda, as well as several other team members.
