More Evidence Emerges of Netflix's Slowing Growth
Netflix's (NASDAQ: NFLX) fortunes have quickly reversed. At the pandemic's onset, it thrived as billions of people worldwide looked for in-home entertainment while cooped up indoors. Several entertainment companies entered the streaming industry more aggressively, seeing it as an excellent opportunity.
The combination has been bad news for Netflix. Now, as billions of doses of vaccines have been administered, and folks are leaving their homes more often, demand for in-home entertainment is falling. Meanwhile, Netflix has to split a smaller pie with more participants. To adjust to the bleaker circumstances, the streaming giant announced that it was laying off 150 workers (out of a total of about 12,000) -- or a little over 1%.
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Source Fool.com
