Netflix lays off 150 workers

Netflix is shedding round 150 workers throughout the corporate, CNBC confirmed Tuesday.

The eradicated positions signify lower than 2% of the streamer’s 11,000 staffers, with a lot of the cuts taking place within the U.S.

“As we defined on earnings, our slowing income progress means we’re additionally having to gradual our value progress as an organization,” a consultant from the corporate informed CNBC. “So sadly, we’re letting round 150 workers go right this moment, principally US-based. These adjustments are primarily pushed by enterprise wants slightly than particular person efficiency, which makes them particularly robust as none of us wish to say goodbye to such nice colleagues. We’re working exhausting to assist them by means of this very tough transition”.

Netflix’s revelation that it misplaced 200,000 subscribers within the first quarter put additional strain on an already beleaguered tech sector, however high tech analyst Mark Mahaney believes the present weak spot within the sector presents a number of alternatives for traders.

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