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Netflix lays off 300 over employees as revenue growth slows

The video streaming company has warned investors in April that it would be pulling back on some of its spending growth over the next two years

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Netflix lays off 300 over employees as revenue growth slows
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Netflix is laying off around 300 more employees across the company.

The cuts, which represent around 3% of the company’s employee base, 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,” Netflix 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.”

Netflix had warned investors in April that it would be pulling back on some of its spending growth over the next two years.

Spence Neumann, the company’s chief financial officer, said during the company’s earnings call that Netflix is trying to be “prudent” about pulling back to to reflect the realities of its business. The company still plans to invest heavily, including around $17 billion on content.

Co-CEO Reed Hastings also said during the call that the company is exploring lower-priced, ad-supported tiers in a bid to bring in new subscribers after years of resisting advertisements on the platform.

Netflix is working to crack down on rampant password sharing as well. The company said that in addition to its 222 million paying households, more than 100 million households use its service through account sharing.

Shares of the company were down less than a percent during midday trading Thursday, but are down more around 70% since January.

SOURCE: CNBC

World

Egypt: Hotel guest dies after falling from 9th floor

Hotel workers found the body of the deceased lying on the street.

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Egypt: Hotel guest dies after falling from 9th floor

Cairo: An elderly man has been killed after falling from the balcony of his room on the ninth floor of a hotel in the Cleopatra area on the Alexandria Corniche, Egypt.  

As per reports, hotel workers found the body of the deceased lying on the street in the early hours of Friday. 

The police, however, were informed and the deceased was taken to the Kom El Dikka morgue. 

Reports quoting sources said that the security forces are intensifying their efforts to uncover the circumstances of the incident— to find out whether there is a criminal suspicion or not.

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Pakistan

Pakistan reports over 800 new cases, first time in four months 

This was the first time in nearly four months that the infections moved past 800.

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Pakistan reports over 800 new cases, first time in four months 

Islamabad: Pakistan has reported four deaths and 818 new COVID-19 infections in past 24 hours as the novel virus continues to rage across the country.  

As per the latest stats, the new infections—detected after diagnostic testing on 18,305 samples—took Pakistan’s COVID-19 positivity rate to 4.47%. 

This was the first time in nearly four months that the infections moved past 800.

According to National Institute of Health (NIH), condition of 126 COVID patients is critical and they are being treated in intensive care units (ICU). 

Authorities, however, have started imposing restrictions in a bid to curb the infection rate — making ‘wearing masks’ mandatory for passengers travelling on public transport, including busses and trains.

The overall tally of the infected people climbed to 1536479 across Pakistan after adding the fresh cases.

Experts say Pakistan may potentially witness another COVID-19 wave as the country continues to see an uptick in new cases, pushing the positivity rate further up.  

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Pakistan

CJCSC, Iranian President discuss matters of strategic interest, regional security

Both sides displayed desire to initiate meaningful and long-lasting security and defence cooperation between the two countries.

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CJCSC, Iranian President discuss matters of strategic interest, regional security

Tehran: Chairman Joint Chiefs of Staff Committee (CJCSC) General Nadeem Raza who is on official visit to Iran, called on President of Iran Sayyid Ebrahim Raisol-Sadati.

Matters of bilateral strategic interest and regional security environment including strengthening of bilateral security and defence cooperation between the two countries were brought into discussion.

Both sides displayed desire to initiate meaningful and long-lasting security and defence cooperation between the two countries.

Chairman JCSC also held separate meetings with Defence Minister Brigadier General Mohammad-Reza Gharaei Ashtiani, Chief of General Staff Major General Mohammad Bagheri, Commander-in-Chief Islamic Revolutionary Guard Corps Major General Hossein Salami, Commander of Iranian Navy Rear Admiral Shahram Irani and Commander of Air Force Brigadier General Hamid Vahedi.

The dignitaries discussed measures to enhance the level and scope of military engagements between both countries and pledged to continue to forge deeper ties. Both sides highlighted that common borders should be "Borders of Peace and Friendship".

The Iranian military leadership lauded the professionalism of Pakistan Armed Forces and acknowledged their sacrifices in fight against terrorism.

Earlier, upon arrival at General Staff Headquarters a smartly turned-out contingent presented 'Guard of Honour' to the Chairman Chairman Joint Chiefs of Staff Committee.

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