Netflix cuts 4% of workforce in US

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Netflix cuts 4% of workforce in US

After axing 150 people in May, the streaming giant said it was cutting 300 more jobs - roughly 4% of its workforce - mostly in the US.

Netflix said on Thursday that it was continuing to hire in other areas, because they continued to invest in the business, but we made adjustments so that our costs are in line with our slower revenue growth.

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

The job cuts at Netflix come amid rising concerns in the US that the labour 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 more than 27,000 workers since May -- roughly double the number recorded in all of 2021, according to layoffs.fyi, which tracks publicly announced redundancies.

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