What you need to know
Netflix has fired around 150 people in an attempt to reduce expenses.
A shortfall of 200,000 subscribers was seen in the last quarter.
Competition from Disney+, Apple TV+, and other streamers has hit Netflix hard of late .
Netflix has fired around 2% of its workforce as it fights to cut costs.
Netflix has reportedly fired around 150 employees, most of them based in the United States, as it works to reduce operational costs.
The mass firings equate to around 2% of the streamer`s workforce, according to a Variety report, and comes after revelations that it has been losing subscribers. Netflix saw its subscriber count fall by 200,000 people during the last quarter, causing share prices to fall.
`As we explained [in reporting Q1] earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,` a Netflix rep said in an emailed statement. `So sadly, we are letting around 150 employees go today, mostly US-based. These chang...
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