Netflix lays off 150 workers due to declining revenue

American streaming company, Netflix, has laid of at least 150 of its employees due to the slowing growth of its revenue.

Forbes reported the company was clear about its intention of laying off the workers, emphasizing it had nothing to do with the individual performance of the workers, but a necessity to cut back on their business losses.

A spokesperson for Netflix said they do not want to let go of such great colleagues, but the company does have intentions to support them through the difficult transition.

Netflix had noted a loss of about 200,000 subscribers in the first quarter of 2022, with an estimated loss of 2,000,000, stemming from the increasing number of password sharing by consumers of their service.

The loss led to a drop in the company’s stock by as much as 35%, and led to a law suit against the company by the shareholders who felt Netflix deliberately withheld vital business information.