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Netflix, scissor coming: most of the losses in the United States
The drop in subscriptions knock out the most popular streaming platform in the world: Netflix announced the cut 150 jobs following the slowdown in revenue and the decline in subscribers that rocked the entertainment industry. The company did not specify which departments will be affected by the cuts, although most of the job losses I’m in the United States. “As we explained on the occasion of the earnings, the slowdown in revenue growth forces us to slow down the growth of costs as well,” admitted a spokesperson for Netflix.
READ ALSO: Nightmare Netflix loses 200,000 subscribers. And it collapses on Wall Street
“Unfortunately today we are letting go of about 150 employees, mostly Americans. These changes are mainly driven by business needs rather than from individual performances, which makes them particularly difficult because none of us want to say goodbye to such great colleagues. We are working hard to support them in this difficult transition. “
The announcement comes after last April the streaming giant revealed that it lost subscribers for the first time in more than a decade in the first quarter of 2022, estimating a further contraction in the second quarter. There lost forecast is over 2 million. The decision taken at the beginning of March to suspend the service in Russia after the invasion of Ukraine, which resulted in the loss of 700,000 subscribers, weighs in this context.
Netflixwhich currently has 221.6 million subscribers, reported its latest customer loss in October 2011. The most popular streaming platform then offered a grim forecast for the spring quarter, estimating the loss of another 2 million subscribers. , despite the return of long-awaited series such as “Stranger Things” and “Ozark” and the debut of “The Gray Man”, starring Chris Evans and Ryan Gosling.
Following the earnings report, April 20 the company’s stock fell by 35.1% at $ 226.19, the largest single-day drop since 2004. Netflix is rethinking its business model, which has long been based on offering a large amount of ad-free content at a price plus. $ 15.49 per month for a standard subscription.
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