Netflix faces new round of job cuts

Netflix is facing a new round of job cuts because of the slow growth and increased competition.

The streaming giant said it is cutting 300 more jobs, roughly 4% of its workforce, mostly in the US, after a xing 150 people in May.

The firm is looking at an ad-supported service and is cracking down on password sharing as it tries to boost growth.

Netflix said on Thursday that it was continuing to hire in other areas and that we continue to invest heavily in the business, but we made adjustments to make sure our costs are in line with our slower revenue growth.

On Thursday, Ted Sarandos, the company's co-chief executive, told an audience at a conference in Cannes that Netflix is in talks with many companies as it explores new advertising partnerships to appeal to price-sensitive audiences.

As you know, we are not adding ads to Netflix. We are adding an Ad tier for folks who say Hey, I want a lower price and I ll watch ads that Mr Sarandos said at Cannes Lions.

The job cuts at Netflix come amid rising concerns in the US that the labor market boom the country has enjoyed since the Pandemic is coming to an end.

There are signs of slowdown in the tech sector, where start-ups have cut nearly 27,000 workers since May, roughly double the number recorded in all of 2021, according to layoffs.fyi, which tracks publicly announced redundancies.

In the last few weeks, there have been hundreds of cuts announced by firms in the housing sector.

The head of America s central bank told members of Congress this week that their efforts to bring down rising prices by raising interest rates risk triggering a sustained economic slowdown, but were worth it to restore price stability.

Federal Reserve chairman Jerome Powell said that we are not trying to provoke, and don't think we need to provoke a recession.

He admitted in response to questioning that it's certainly a possibility that it s certainly a possibility.