Netflix lays off 300 more employees – 3% of workforce

Netflix is laying off employees again. The streaming service cut 300 jobs on Thursday, representing 3% of its global workforce of 11,000 employees.

Variety reports that most of the jobs lost are in the U.S.; it remains to be seen what impact the move will have on its Canadian staff.

The company fired 150 employees in May, including contractors and part-time workers. Netflix suggested that additional rounds of layoffs would occur throughout 2022. An additional 10 staffers from its marketing and news site, Tudum, were let go in April. These firings are tied to slowing revenue growth and falling subscription levels.

“Today we sadly let go of around 300 employees,” a Netflix spokesperson said. “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. We are so grateful for everything they have done for Netflix.”

After years of dominance in the streaming marketplace, the content giant is starting to take hits as rivals like Disney, Comcast, Paramount and Discovery continue to make a splash.

Severance pay

Netflix employees in Canada must receive severance pay when they lose their job. Use our Severance Pay Calculator to find out how much you may be owed.

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