Netflix Digital reports

Netflix lays off 150 employees amid subscriber losses

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Netflix announced 150 employee layoffs on Tuesday nearly one month after reporting its first paid subscriber losses in more than a decade."As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company.

So sadly, we are letting around 150 employees go today, mostly U.S.-based," a Netflix spokesperson confirmed to Fox News Digital. "These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues.

We're working hard to support them through this very difficult transition. A number of agency contractors have also been impacted by the news announced this morning.

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