Netflix on job cutting drive, lays off 300 employees

Netflix Inc has once again commenced job cutting drive as it released around 300 employees from its services. The employees released to account for around 4 percent of the total workforce of the company.

The Streaming giant took this step to lower the costs as the company is facing a tough time after it lost scores of subscribers. Job cutting by Netflix is expected to impact the US workforce. Last month, 150 jobs were cut.

Informing about the job cuts, Netflix released a statement saying, “As we are continuously investing in the business, the company needs to adjust to the soaring costs amid slower revenue growth.”

One of the leading streaming giants is experiencing a bumpy journey for the last few months due to inflation, the Ukraine-Russia war, and throat-cut competition from other streaming services.