Netflix lays off 300 employees in second round of job cuts

Netflix announced on Thursday it laid off 300 employees in a second round of job cuts after losing subscribers for the first time in more than a decade.

Netflix said in February it had lost 200,000 subscribers globally at the start of 2022, and projected a decline of 2 million users in the upcoming quarter.

The company blamed the drop on a range of factors, including increased competition, the economy, the war in Ukraine, and the large number of people who share their accounts with non-paying households.

To offset subscriber losses, Netflix is also considering adding advertising to the service in return for a lower-priced subscription in addition to cutting costs, a move it had long resisted.