Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
Trump Administration to Secure Equity Stake in Pat Gelsinger’s XLight Startup 
Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Visa to Move European Headquarters to London’s Canary Wharf 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
EU Prepares Antitrust Probe Into Meta’s AI Integration on WhatsApp 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
Hikvision Challenges FCC Rule Tightening Restrictions on Chinese Telecom Equipment 
Asia’s IPO Market Set for Strong Growth as China and India Drive Investor Diversification 
Tesla Expands Affordable Model 3 Lineup in Europe to Boost EV Demand 
Firelight Launches as First XRP Staking Platform on Flare, Introduces DeFi Cover Feature 
Spain’s Industrial Output Records Steady Growth in October Amid Revised September Figures 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
Anthropic Reportedly Taps Wilson Sonsini as It Prepares for a Potential 2026 IPO 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
Netflix is cutting jobs, and about 150 staff are affected by the decision that was confirmed on Tuesday, May 17. The company is getting rid of positions that are equivalent to less than two percent of its 11,000 employees.
According to CNBC, most of the job cuts will happen in the United States. Netflix already expected the staff reductions that come less than a month after it announced a huge subscriber loss which also happened for the first time in the company’s years of operation.
Netflix’s future forecast also points to more losses in the next quarter, and its shares have also plummeted to almost 70% since January of this year. To counter the accumulating losses, the company’s co-chief executive officer, Reed Hastings, said during the recent earnings call that Netflix may lower subscription rates and introduce ad-supported tiers. This strategy is also meant to attract new subscribers.
“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” Netflix’s representative told CNBC. “So sadly, we are letting around 150 employees go today, mostly US-based.”
He added that “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.”
Netflix stated that it would be helping individuals who will be affected by the job cuts. The firm will “support them through this very difficult transition.”
Los Angeles Times reported that the streaming giant did not say which department would be affected by the terminations. The hard decision was caused by the loss of 200,000 subscribers in the first quarter of this year. This is the first time that this has happened in over a decade.
In this quarter, Netflix is also expecting to lose another two million subscribers, which means a declining revenue as well. In the last earnings report, the firm’s stock already fell 35.1% to $226.19 on April 20, which is the biggest one-day drop since 2004.
Thibault Penin/Unsplash
