The number of subscribers to the streaming service has decreased, and the company laid off 150 employees last month.
Netflix will lay off 300 of its employees, representing four percent of its workforce. The reason for the redundancies is a cut in costs. The news agency Reuters, among others, reports on Thursday.
The company is in the throes of layoffs. Last month, it laid off 150 of its employees. In total, in April-May, departure passes were issued for approx For 300 employees.
The first year of Netflix has been challenging since the number of streaming subscribers fell for the first time in more than a decade.
The company estimates after its first quarter that the number of subscribers may decrease by two million in the second quarter. This would leave 220 million subscribers.
To the company has also come under pressure as inflation and fierce competition within the industry pose challenges to its growth.
Netflix has explained its poor results at the beginning of the year in many different ways. It has also accused its customers of sharing passwords with their friends. The explanatory list also includes the corona pandemic, Russia’s invasion of Ukraine and the fact that so many are already Netflix customers.
Netflix is trying to improve its position in various ways. Among other things, it uses advertisements to make its service cheaper, even though for years the company vowed never to add advertisements to the service.
Netflixin the exchange rate has been declining in the first half of the year. On Thursday night at 9.20 pm Finnish time, the exchange rate was down 0.46 per cent.
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