Netflix’s revelation that it lost 200,000 subscribers in the first quarter put further pressure on an already beleaguered tech sector, but top tech analyst Mark Mahaney believes the current weakness in the sector presents several opportunities for investors.
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Netflix is laying off around 300 employees across the company, CNBC confirmed Thursday.
The cuts come about a month after the streaming company eliminated about 150 positions in the wake of its first subscriber loss in a decade.
“Today we sadly let go of around 300 employees,” the company said in a statement Thursday. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”
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