Highlights

  • Layoffs impact around 3% of Netflix's workforce
  • Netflix's stock has plummeted roughly 70% this year

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Season 1 Episode 2: Netflix binge layoffs continue

Earlier this year, the streaming giant reported its first subscriber drop in a decade

It is the season of binge firing! In yet another latest round of layoffs, Netflix has laid off 300 employees.

This is Netflix’s second round of layoffs, in May the streaming platform cut 150 staffers, part-timers, and contractors as a result of the slowdown in the company’s revenue growth.

Also read/watch| What a return gift! Birthday boy Gautam Adani to give $7.7 bn for social cause

Netflix reported in April that it lost subscribers for the first time in more than a decade. That sent shock waves through Wall Street, leading investors to wipe billions of dollars off Netflix market cap.

The company's stock has plummeted roughly 70% this year.

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