Netflix announced in April that it lost subscribers for the first time in more than a decade. According to the company’s statement, the platform lost nearly 2 million subscribers in April, with a total of 200,000. Netflix subscribers left the platform, especially after the announcement that it would impose sanctions on users who share passwords outside the same household, and the hikes. Netflix went to lay off about 150 of its employees, attributing this loss of subscribers to its employees.
The company explained the reason for the dismissal as slowing down its income growth!
Netflix announced in a statement that it laid off approximately 150 employees, mostly working in the United States.. The firm explained the reason for the dismissal as slowing revenue growth.
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A Netflix spokesperson said in a statement on the layoff:
“Layoffs affecting mostly US-based employees are due to slowing revenue growth. These changes are primarily driven by business requirements rather than individual performance. That makes them particularly difficult.”
The company has a total of 11,000 employees. In these dismissals, many different departments, including executive levels, took their share. Additionally, the company laid off 25 more employees last April. Netflix also announced in its statement that it will lose more subscribers in the future. But he didn’t share anything about this loss of subscribers resulting in another layoff.
Netflix executives blamed the headwind in revenue growth in a report for shareholders, noting that heavy use of the platform during the pandemic had obscured the picture until recently. Netflix aims to eliminate password sharing as a solution to the problem of slowing growth. The platform states that in addition to its 220 million global subscribers, 100 million people receive service with a common password.
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