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Netflix laying off more employees, eliminating 300 further jobs

Netflix laying off more employees, eliminating 300 further jobs
Netflix is laying off around 300 employees, the streaming service confirmed Thursday. File Photo by Keizo Mori/UPI | License Photo

June 23 (UPI) -- Netflix is laying off around 300 employees, the streaming service confirmed Thursday.

The number represents about 3% of the California-based company's workforce of around 11,000 full-time employees.

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"Today we sadly let go of around 300 employees," Netflix said in a statement to NBC Thursday.

"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. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition."

This is the latest negative financial news for Netflix.

The company laid off 150 employees in mid-May in the face of subscriber losses, slower revenue growth and a shareholder lawsuit.

Most of the layoffs were in the United States, representing around 2% of Netflix's workforce at the time.

In mid-April, Netflix saw its shares plummet after failing to meet earnings projections. The company's shares fell 37% in one trading day, revealing it lost subscribers for the first time.

"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," a company spokesperson told CNN Business Thursday.

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"We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition."

Netflix closed up 1.58% Thursday, following the news, trading at $181.71 per share at market close.

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