After losing 800,000 U.S. subscribers in the third quarter and seeing its share prices plunge, Netflix reportedly cut more than 15 jobs, according to Bloomberg.
The cuts began before the company announced its latest earnings results Oct. 24, and were mostly in Netflix’s human resources department, the piece notes. The company had beefed up staff in the department, expecting growth and the separation of its DVD mail-order and streaming businesses, the article adds. That plan was later scrapped.
Netflix’s shares have plunged more than 70% from their all-time high in July.