Netflix is on Tuesday laying off approximately 150 employees, most of them based in the U.S., from its workforce of roughly 11,000.
The layoffs include those on the content side as well as others in the executive ranks and is impacting approximately 2% of the workforce.
“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,” a Netflix spokesperson said in a statement to Deadline, which first reported the news and according to an internal memo. “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”.
TheWrap has reached out to Netflix for comment.
More to come…