Beijing time on June 24 news, Netflix cuts againabout 300 employeesaccounting for 3% of all employees, about a month ago Netflix just laid off 150 people.
Netflix said in a statement,The company’s revenue growth has slowed down and costs have continued to rise, which is why there are layoffs. Netflix warned investors in April that spending growth in certain businesses would be withdrawn over the next two years. Still, Netflix’s spending is astronomical, such as its $17 billion commitment to content.
Netflix has rejected ads for years, but now to attract new subscribers, Netflix has announced that it will launchLow-priced, ad-supported subscription service. Not only that, but Netflix has also cracked down on password sharing.
There are about 222 million paying households on the Netflix platform, but an estimated 100 million more households use the service through account sharing.
Netflix stock has fallen about 70% so far this year.
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