Netflix on Tuesday mentioned it has laid off about 150 individuals, largely in america, because the streaming service firm faces slowing progress.

The layoffs signify roughly two per cent of the corporate’s workforce in North America.

A Netflix spokesperson talking on background mentioned no Canadian staff have been affected by the layoffs.

“These modifications are primarily pushed by enterprise wants slightly than particular person efficiency, which makes them particularly powerful as none of us wish to say goodbye to such nice colleagues,” the corporate mentioned in an announcement. “We’re working exhausting to assist them via this very troublesome transition.”

The job cuts come as Netflix reported its first lack of subscribers in additional than a decade and forecast deeper losses within the coming quarter. It mentioned the battle in Ukraine and fierce competitors contributed to the lack of prospects.

Because of its declining progress, Netflix mentioned it could introduce a less expensive, ad-supported tier and look extra intently at its spending.

“We’re attempting to be sensible about it and prudent when it comes to pulling again on a few of that spend progress to replicate the realities of the income progress of the enterprise,” Netflix Chief Monetary Officer Spencer Neumann instructed traders through the firm’s most up-to-date earnings name.

– With information from World Information