Netflix lays off 300 extra workers as income progress continues to sluggish

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Netflix’s revelation that it misplaced 200,000 subscribers within the first quarter put additional stress on an already beleaguered tech sector, however high tech analyst Mark Mahaney believes the present weak point within the sector presents a number of alternatives for traders.

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Netflix is shedding round 300 workers throughout the corporate, CNBC confirmed Thursday.

The cuts come a couple of month after the streaming company eliminated about 150 positions within the wake of its first subscriber loss in a decade.

“As we speak we sadly let go of round 300 workers,” the corporate stated in a press release Thursday. “Whereas we proceed to speculate considerably within the enterprise, we made these changes in order that our prices are rising consistent with our slower income progress. We’re so grateful for every part they’ve accomplished for Netflix and are working laborious to assist them by way of this troublesome transition.”

It is a breaking new story. Please examine again for updates.

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