Netflix lays off 300 employees as bad year continues to hit company
Investment strategist explains why he's sticking with NetflixReplayMore Videos ... (16 Videos)Investment strategist explains why he's sticking with NetflixJimmy Kimmel presses Biden on gun control'Predator' prequel 'Prey' pulls audiences back to the Comanche tribe 300 years agoJake Tapper identifies key change in new 'Top Gun' movie that could anger China This ventriloquist surprised the judges on 'America's Got Talent'Harry Styles makes $300 music video with James CordenTom Cruise terrifies James Corden with wild plane ride'American Idol' winner says he wants to 'stay in the house for a bit'Netflix just released the first 8 chilling minutes of 'Stranger Things'Watch 'SNL' favorites say goodbyeWatch Tatiana Maslany transform into She-HulkSelena Gomez looks for love on 'SNL'Watch: New 'Avatar: Way of Water' trailer just dropped'SNL': Benedict Cumberbatch celebrates mothersWatch: New footage from the 'Game of Thrones' prequel 'House of the Dragon'Whoopi Goldberg goes off on anti-abortion advocatesNew York (CNN Business)Netflix is laying off 300 employees in the midst of a rough year for the streaming giant.
"While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth," a company spokesperson told CNN Business Thursday. "We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition."Thursday's layoffs impact around 3% of Netflix's workforce, which includes 11,000 full-time employees. The layoffs are also mostly taking place in the United States. Variety was the first to report the news.To save itself, Netflix might have to play nice with an industry it battled for yearsNetflix reported in April that it lost subscribers for the first time in more than a decade. That sent shock waves through Wall Street, leading investors to wipe billions of dollars off Netflix market cap. The company's stock has plummeted roughly 70% this year.Last month, Netflix laid off 150 workers, placing the blame on slowing revenue growth.Read MoreNetflix (NFLX) has been coming up with ways to turn the negative tide and get the platform, which has 221.6 million subscribers, back on track.Ideas include introducing a new lower-priced ad tier and clamping down on password sharing among subscribers.Click Here To Get Funded!