Netflix lays off approximately 150, mostly in U.S By Reuters

(Reuters) – Netflix (NASDAQ:) on Tuesday said it has laid off about 150 people, mostly in the United States, amid a period of slowing growth.

The layoffs represent approximately 2% of the company’s workforce in its domestic market.

“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,” the company said in a statement. “We’re working hard to support them through this very difficult transition.”

The job cuts come as Netflix reported its first loss of subscribers in more than a decade and forecast deeper losses in the coming quarter. It said the war in Ukraine and fierce competition contributed to the loss of customers.