In short: Netflix has issued travel documents to approximately 150 employees. This is the second round of layoffs in less than a month for the streaming giant, and most of them are US executives, according to reports.
Deadline was the first to report cost-cutting measures. Sources told the publication that layoffs will affect those who hold creative positions in both film and television. Deadline added that several of those fired are in management positions, and at least a couple of original series executives are also being fired.
In a statement released by the publication, a spokesman for Netflix confirmed they lay off about 150 employees. “These changes are driven primarily by business needs rather than individual performance, which makes them especially challenging as none of us want to say goodbye to such great colleagues,” the spokesperson said.
Shares of Netflix are down nearly five percent on the day and are trading at $181.24 at the time of writing.
The layoffs come less than a month after Netflix cut 25 positions in its marketing department, including 10 that worked for Tudum, the company’s companion site for fans.
The job cuts aren’t much of a surprise given that Netflix said during its latest earnings call that it would have to cut costs. The company lost 200,000 subscribers in the latest quarter, the first drop in more than a decade.
Netflix is considering several measures to get things back on track, including rolling out an ad tier and restricting password sharing. According to a recent report, Netflix is also exploring live streaming and is working on a new season of Black Mirror.