Netflix lays off 150 employees in cutback after drop in subscribers

The firings follow the unexpected loss of 200,000 subscribers in the first quarter and a forecast for the loss of another 2 million this period.

Netflix Inc. said Tuesday it’s laying off about 150 employees, fallout from the surprising drop in customers the streaming company reported last month.

A Netflix logo is shown on a TV screen in file photo. (REUTERS)

“Our slowing revenue growth means we are also having to slow our cost growth as a company,” Netflix said in an emailed statement. “So sadly, we are letting around 150 employees go today, mostly US-based.”

The firings follow the unexpected loss of 200,000 subscribers in the first quarter and a forecast for the loss of another 2 million this period. At the end of last month, Netflix laid off a number of employees at Tudum, a website that promotes movies and TV shows for the streaming service, as part of a broader restructuring of its marketing department.

Shares of Netflix gained as much as 2.6% to $191.40 in New York. The stock has declined more than 70% from its intraday high of $700.99 in November 2021.

Los Gatos, California-based Netflix employed more than 11,000 people at year-end, according to data compiled by Bloomberg. The website Deadline reported on the job cuts earlier Tuesday.