Netflix is cutting 150 jobs in the U.S. after reporting its first loss of subscribers in 10 years.
The streaming company announced that 200,000 subscribers left in the first quarter, causing the stock to drop 23%. The company announced that they are likely to lose 2 million more this quarter.
Officials noted they still plan to spend $18 billion on content this year.
Netflix is the dominant streaming subscription service, with 222 million subscribers worldwide. However, in recent years, the company has faced increased competition from rivals such as Disney+ and HBO Max.
Netflix has also blamed password sharing for hurting its bottom line.
