Mashable: In the latest wave of layoffs, Netflix has fired off about 300 staff. According to Variety, the majority of layoffs occurred in the United States, and a variety of departments were affected.

“Today we sadly let go of around 300 employees,” a Netflix spokesperson told the publication. “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 most recent layoffs are the result of a 70 percent decline in Netflix's stock price since the beginning of the year. In the first quarter of 2022, the firm saw its first subscriber decline. It decreased by 200,000 due in major part to the fact that Netflix withdrew from Russia and lost 700,000 users there. Netflix stated in its most recent financial report that it anticipates losing up to 2 million customers in the current quarter.

This is the second round of layoffs for the Streaming Giant as a result of decreasing revenue growth. In May, it lay off 150 employees along with other part-time workers and contractors. The firm has over 11,000 employees worldwide.

In April, Netflix also let off a few employees from its marketing department and the Tudum news site. But these were just a part of the restructuring of the marketing staff, the company said as it had nothing to do with cost savings.

In addition to cost reduction, Netflix is exploring additional revenue-generating opportunities. These include ad-supported plans and additional costs for users who share their accounts with individuals from other homes. Despite recruiting on other fronts, the company still intends to invest extensively in content. This year, it has allocated around $17 billion for this purpose.