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Netflix lays off 150 employees

Netflix lays off 150 employees
After Netflix's announcement that it lost subscribers for the first time in a decade, the company announced on Tuesday that it is laying off around 150 employees, primarily in the US, which makes up 2% of its total workforce. Netflix said in a statement, "As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. 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."

Spencer Neumann, Netflix's chief financial officer said in the company's first-quarter earnings call in April that in the next two years the company intends to cut down some of its spendings. While it is true that Netflix will continue to dedicate some $17 billion annually to developing new television shows and movies, the company intends to do it with lesser people working behind the scenes. 

At the time Mr. Neumann said, "We’re trying to be smart about it and prudent in terms of pulling back on some of that spending growth to reflect the realities of the revenue growth of the business." Certain sources say that there may be more layoffs this year 

Source: The New York Times 
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