Due to budget cuts and “business needs,” Netflix has laid off roughly 150 employees, or about 2% of its overall workforce.
Netflix Global Head of HR Sergio Ezama informed employees about the layoffs today in an internal email seen by media platforms, adding, “These adjustments are especially challenging because they are mostly motivated by business objectives, not individual performance, and no one likes to lose wonderful colleagues.”
Employees should “unfortunately expect some additional departures in the coming months,” according to the email, as Netflix continues to focus its biggest potential, such as non-English programming, and faces increasing budget limitations due to falling income.
Netflix is on the defence after disclosing its largest subscription loss earlier this year, following years of dominating the streaming sector in Hollywood. Netflix revealed during a financial briefing that it has lost 200,000 customers from the previous quarter and expected to lose another 2 million in the following quarter.