The struggle is real at Netflix

The streaming giant fired around 300 employees yesterday – ~3% of its workforce – as part of a second round of layoffs.

⏩ Driving the move… In a statement, the company said the layoffs were made “so that our costs are growing in line with our slower revenue growth.” The streamer also cut around 150 jobs last month, as well as dozens of contractors and part-time workers.

​​📉 The big picture: In Q1, Netflix reported its first subscriber loss in over a decade, and also said it expected to lose up to 2 million more subs in Q2. This caused more surprise on Wall Street than when Bane walked in the front door, since analysts had previously projected the company would gain 2.4 million subs this quarter.

In recent months, Netflix has announced plans to hike prices for the fifth time in eight years, crack down on users sharing passwords, and introduce a new ad-supported streaming option.

• Shares have dropped ~70% since early January.

🧠🤑 In the know: Netflix recently announced it’ll shell out $17 billion for shows and films this year, roughly in-line with what it spent last year.