Netflix has laid off 150 employees as part of previously announced cost-cutting efforts. According to a report from Deadline, the layoffs are across departments, and primarily impact U.S.-based staff.
"As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company," a company spokesperson told Deadline. Netflix had 12,135 employees in 2021, meaning that Tuesday's layoffs affect a little over 1% of its workforce.
The tech industry as a whole has been experiencing waves of layoffs over the last month, particularly in companies that thrived during pandemic lockdowns.
Netflix announced its intentions to cut costs during its most recent earnings report, when it revealed that it lost 200,000 subscribers in Q1. At the time, the company forecast that it would lose another 2 million subscribers in Q2, leading CFO Spencer Neumann to announce that Netflix was "pulling back" some of its spending.
This week's layoffs come roughly a month after Netflix laid off a number of staffers on its nascent Tudum online magazine.