Around 7 percent of its workforce will be laid off, according to Variety. According to the company's statement, the cuts are meant to reduce its "headcount expenses" by around 5 percent as it tries to spend less on operations in the face of "current economic conditions"
In recent weeks and months, many of the company's peers, such as Disney and Meta, have announced layoffs.
The company said in its Q3 earnings report that it would cut 200 jobs. The shareholder letter calls attention to the fact that its staff had ballooned since 2021, but the remedy was closer to slowing down on hiring rather than laying off workers.
The company has warned investors of trouble for a long time. In the second quarter, the company said that it was selling fewer streaming boxes, which impacts its revenue in more ways than one, like the extra money it makes from selling other streaming services advertising space on the shortcut buttons of its remote controls The company launched a lineup of smart home products in partnership with Wyze and leaned heavily on original content.
Efforts weren't enough to save employees from layoffs in the tech industry. Mass layoffs have been announced by many companies in the last month.
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