Netflix lays off 150 employees amid slowing growth and subscriber losses

New Delhi: Netflix has laid off over 150 people on Tuesday due to “business needs, said spokesperson.

The announcement comes at a time when the streaming giant continues to face slow revenue growth.

According to the reports, most employees affected by the layoffs are located in the US.

In the last quarter, Netflix lost over 200,000 subscribers — this was the first time that the Netflix has lost subscribers in over a decade.

It is also said that, the streaming giant is expected to lose an additional 2 million in the next quarter.

The tension between Russia and Ukraine is also one of the reason that can be partially blamed for the drop in the number of subscribers, as Netflix services were shut in Russia in March.

Also, the Netflix has revised the cultural guidelines asking their employees to quit if they do not like the content on its platform.

In the last seven years, the streaming platform had never updated its guidelines. Netflix now wants its employees to be open to working on content that they don’t agree with.