Most of the jobs being cut are in the US and some are executive-level positions
The layoffs come as Netflix expects to lose two million subscribers next quarter
It also failed to meet first quarter revenue expectations this year by $62 million
The company blames password sharing, competition and ‘macroeconomic developments’ like the COVID pandemic, inflation and the Ukraine invasion
Last month, Elon Musk said the ‘woke mind virus is making Netflix unwatchable’
Netflix is cutting about 150 jobs after announcing that it’s lost 200,000 subscribers since the end of last year. Most of the employees being laid off are based in the US and work in creative positions across film and TV. The California-based streaming service is even eliminating some executive positions in its original content departments, sources told Deadline. A few director-level executives may also be on their way out. The news comes a month after the company reported that its global subscriber base declined in the first quarter of 2022. It expects to lose another two million subscribers by next quarter, Fortune reports. On top of that, the streamer failed to meet revenue expectations by $62 million. Share prices are down 43.6 percent from last month. The company has identified four key issues that are keeping it from growing: increasing competition, slowing smart TV adoption, password sharing, and ‘macroeconomic developments,’ such as the ongoing COVID-19 pandemic, inflation and Russia’s invasion of Ukraine.