US-based streaming service and production company, Netflix has reportedly laid off around 150 employees, most of them in the United States.
Dozens of contractors were also let go from its struggling fan-focused website Tudum as reported by The Verge.
The 26 fired staff were informed of the decision via a mass email, which Netflix spokesperson Erika Masonhall said was sent by the contracting company.
Masonhall mentioned that the reason behind the layoffs were mainly driven by financial issues rather than individual performance.
During the fourth quarter of 2021, Netflix reportedly lost around 200,000 subscribers, causing share prices to fall.
Netflix is facing fierce competitions from the likes of Disney+ and Apple TV+ and as a result, its revenue growth is affected.
It is reported that the company is weighing a cheaper, ad-supported tier and a crackdown on password sharing in an attempt to boost subscriber growth.
