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Netflix announces layoffs

Netflix Sharing Crackdown
Posted at 12:12 PM, May 17, 2022
and last updated 2022-05-17 15:12:08-04

Netflix announced Tuesday that it is laying off 150 workers, according to multiple reports.

The workers will receive severance packages that will be determined by how long they worked for the company, according to The Hollywood Reporter.

“As we explained [in reporting Q1] earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” a Netflix spokesperson said, according to Variety.

Netflix reported that it lost 200,000 subscribers in its first quarter. That was the first time it lost subscribers in more than a decade.

Netflix estimates it may lose another 2 million subscribers in the second quarter.

Netflix believes rising competition, password sharing and slow economic growth are factors in the loss of subscribers.