Tuesday 17 May 2022 10:01 PM Netflix cuts 150 jobs - including top original content executives - as revenue ... trends now
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Netflix says it's cutting about 150 jobs after announcing that it's lost 200,000 subscribers since the end of last year.
Most of the employees being laid off are based in the US and work in creative positions across film and TV.
The California-based streaming service is even eliminating some executive positions in its original content departments, sources told Deadline. A few director-level executives may also be on their way out.
The news comes a month after the company reported that its global subscriber base declined in the first quarter of 2022.
On top of that, the streamer failed to meet revenue expectations by $62 million. Share prices are down 43.6 percent from last month.
Last month, the company identified four key issues that were costing it subscribers: increasing competition, slowing smart TV adoption, password sharing, and 'macroeconomic developments,' such as the ongoing COVID-19 pandemic, inflation and Russia's invasion of Ukraine.
