Netflix lays off 150 employees as platform faces massive user exodus

Streaming video giant Netflix has decided to lay off 150 employees after releasing its first quarter results, citing "slowing revenue growth." Netflix lost about 200,000 subscribers last quarter, its first decline in more than a decade, and Netflix predicted further losses in the next quarter. The company's stock has fallen nearly 70% since January.

According to people familiar with the matter, the 150 people fired included 26 marketing staff, 12 of whom worked on Tudum (a fan website). The 26 employees who were fired on Tuesday learned the news through a mass email.

Netflix confirmed that most of the employees affected by the layoffs are in the United States. Netflix spokesperson Erika Masonhall said: "Our slowing revenue growth means we have to cut costs. So unfortunately, we are now laying off about 150 employees, most of whom are in the United States. The layoffs are mainly due to financial issues, not performance. In fact, we don't want to say goodbye to these excellent colleagues, and we are working hard to help them through this difficult period."

Earlier, Netflix co-CEO Reed Hastings said that after years of boycotting platform advertising, the company is exploring low-priced, ad-supported subscription options to attract new users. They will also crack down on account password sharing.