Netflix is ​​laying off 150 employees

Netflix is ​​laying off about 150 employees across the company, CNBC confirmed on Tuesday.

The cuts account for less than 2% of the streamer’s 11,000 employees, with most of the cuts taking place in the US

“As we explained on earnings, our slowing revenue growth means we also need to slow our expense growth as a company,” a company representative told CNBC. “So sad that we are laying off around 150 employees today, mostly in the US. These changes are primarily driven by business needs rather than individual achievement, making them particularly tough as none of us want to say goodbye to such great colleagues. We are working hard to support them through this very difficult transition.”

Netflix’s revelation that it lost 200,000 subscribers in the first quarter put further pressure on the already battered tech sector, but top tech analyst Mark Mahaney believes the sector’s current weakness presents several opportunities for investors.

Aaronp/bauer-griffin | GC Images | Getty Images Netflix is ​​laying off 150 employees

Gary B. Graves

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