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Boeing bids adieu to an icon, delivers last 747 jumbo jet Power Lines to Bangladesh: PIL filed against Adani Group at Calcutta HC By-polls swept by the blessed ones Modi's patronisation of Adani and its cost for Bangladesh Spot LNG purchase resumes after seven months Mistakes in textbooks: DU prof says won't take part in probe committee PM pays courtesy call to president Gill hundred flattens New Zealand as India win series decider Influencers and the ethics of enhancement surgery SC stays HC order seeking list of dead Bangladeshi workers in Qatar World Cup SC chamber judge delivers 160 orders in Bangla Bangladesh received $10,493m as remittance in current fiscal: PM Fitness sham Banks to pay Tk 1 more for exporters’ dollars Supply fuel oil on deferred payment Dhaka requests Riyadh
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Tech & Startup

Netflix fires 300 employees

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Fri Jun 24, 2022 02:13 PM Last update on: Fri Jun 24, 2022 02:24 PM
Netflix fires 300 employees

Streaming giant Netflix recently revealed that it laid off 300 employees, i.e. about 4% of its workforce, in the second round of job cuts aimed at lowering costs after they lost subscribers for the first time in more than a decade.

The move mostly affected its U.S. workforce and came after the company cut 150 jobs last month.

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"While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth," Netflix said in a statement to Variety on Thursday.

One of the world's most dominant streaming services has come under pressure in recent months as inflation, the war in Ukraine and fierce competition weigh on subscriber growth. After the subscriber drop in the first quarter, Netflix has forecast even deeper losses for the current period.

To mitigate that downtrend, the company plans to introduce a cheaper, ad-supported subscription tier for which it is in talks with several companies.

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