Netflix announced that they laid off 300 employees last week, a move made in light of a loss in revenue.
In a statement, a spokesperson said, "Today we sadly let go of around 300 employees. 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."
The loss in revenue is in part due to the loss of subscribers, an issue that they expect more of. They are expecting another loss of approximately 2 million subscribers this quarter.
In May, the company let go of 150 positions across the company, as well. As other streamers like Disney+, HBO Max, Paramount+, and others emerge and gain popularity, Netflix has seen it impact their bottom line.
Netflix does say that they are working to improve their business and gain subscribers, as well as offer more film and television content.
