The hits keep on coming for Netflix, and not the blockbuster kind, as the company lays off an additional 300 employees.
Netflix experienced its first subscriber drop in a decade, and the company has warned of slowing growth. After an initial round of 150 layoffs a month ago, the company has axed an additional 300 jobs, representing roughly 3% of its workforce.
“Today we sadly let go of around 300 employees,” Netflix said in a statement, according to CNBC. “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.”
The company has been working on additional ways to boost subscribers and revenue, including charging more for account sharing, introducing games, and more.
It remains to be seen if these endeavors will turn the steaming company’s fortunes around.