Subscriber drop forces Netflix to cut staff

Netflix said Tuesday it’s laying off about 150 employees, fallout from the surprising drop in customers the streaming company reported last month.

“Our slowing revenue growth means we are also having to slow our cost growth as a company,” Netflix said in a statement. “So sadly, we are letting around 150 employees go today, mostly U.S.-based.”

The firings follow the unexpected loss of 200,000 subscribers in the first quarter and a forecast for the loss of another 2 million this period. At the end of last month, Netflix laid off a number of employees at Tudum, a website that promotes movies and TV shows for the streaming service, as part of a broader restructuring of its marketing department.