The US streaming giant is forced to lay off staff to minimise cost of viewers quitting the service.
In April, the streaming giant shocked the industry when it revealed it had lost 200,000 subscribers in the first three months of 2022, and warned another two million were expected to quit in the coming quarter.
The news sparked an investor sell-off, with the firm's stock plunging 35% in one day. It is now trading at $190 , a 46% drop on its previous premium.While Netflix has 220 million subscribers globally and remains the clear market leader, it has faced fierce competition in recent years with the arrival of competitor platforms such as Disney Plus, HBO, and Amazon's Prime Video.
In its earnings report last month, the company also said the war in Ukraine and the decision to raise its prices in the US had cost it subscribers.Along with job losses, the company is also cutting content and pulling back on its own creations.an animated series created by Meghan Markle, in its move to cut costs.
Some analysts say that after a surge in sign-ups during the pandemic, Netflix has run out of easy ways to grow the business.which has cost it 100 million households.More on this story