Netflix cuts 300 more jobs after subscriptions fall

The streaming giant said it was cutting 300 more jobs – roughly 4% of its workforce – mostly in the US, after axing 150 people in May.

“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 on Thursday, adding that it was continuing to hire in other areas.

The firm has said it expects its subscriber count to fall by another two million in the three months to July, after dropping by 200,000 earlier this year.

On Thursday, Ted Sarandos, the company’s co-chief executive, told an audience at a conference in Cannes on Thursday that Netflix was in talks with many companies as it explores new advertising partnerships to appeal to price-sensitive audiences.

“We’re not adding ads to Netflix as you know it today

The job cuts at Netflix come amid rising worries in the US that the labour market boom the country has enjoyed since the pandemic is coming to an end.

The head of America’s central bank told members of Congress this week that its efforts to bring down rapidly rising prices by raising interest rates risk triggering a sustained economic slowdown, but were worth it to restore price stability.