“While we continue to invest heavily in the business, we have made these adjustments to ensure our costs rise in line with slower revenue growth,” a CNN Business spokesman said Thursday. “We are so grateful for all they have done for Netflix and are working hard to support them through this difficult transition.”
Thursday’s layoffs affected about 3% of Netflix’s employees, including 11,000 full-time employees. Layoffs also mostly take place in the United States. Variety was be the first to announce the news.
In April, Netflix reported that it had lost subscribers for the first time in over a decade. This caused a shock on Wall Street, causing investors to wipe billions of dollars from Netflix’s market cap. The company’s shares are down about 70% this year.
Last month, Netflix 150 workers laid off blaming the slowdown in income growth.
Netflix ( is coming up with ways to turn the tide and get the platform, which has 221.6 million followers, back on track. )
Ideas include introducing a new level of advertising at a lower cost and limiting the sharing of passwords between subscribers.