Netflix is laying off roughly 150 employees weeks after the streaming giant posted its first loss in subscribers since 2011.
The job cuts were outlined in an internal memo obtained by The Hollywood Reporter, which first reported the news.
A Netflix spokesperson confirmed the cuts on Tuesday, saying: “As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly US-based.”
The layoffs represent about 2% of the streaming giant’s total workforce.
“These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition,” the Netflix rep said.
News of the cuts follow a string of layoffs at Netflix’s Tudum division, which was launched in December.
Tudum, a nod to the sound that accompanies the Netflix’s logo when subscribers open the streaming site, was a division that focused on news and stories related to the service’s most popular shows and movies.
At the time, sources told The Post that another wave of layoffs was imminent. They pointed to the company’s recent disappointing financial report, in which it said it lost 200,000 subscribers in the first quarter.
The streamer, which is home to hit shows like “Inventing Anna,” “Squid Game” and “Bridgerton,” also said it expects to lose 2 million more in the second quarter. Netflix currently has 221.6 million subscribers, which is still more than the competition.
In order to stem the bleeding, Netflix co-CEOs Reed Hastings and Ted Sarandos said the company would likely crack down on password sharing.
The CEOs are also looking to launch a lower-priced ad-supported tier by the end of the year, a much quicker timeline than originally envisioned, in an effort to pump up revenue and subscribers.
The Los Gatos, Calif.-based streaming giant currently offers a host of payment tiers, including its most popular plan, which costs $15.49 a month. The cost of the cheaper ad-supported tier has not been announced.
Other streaming providers have similar plans and ad-supported offerings. HBO Max, for example, offers an ad-free service for $15 a month, and it charges $10 a month for the service with commercials.
[Written in collaboration with other media outlets with information from the following sources]
