Netflix has cut 300 employees again. Previously, this video streaming service had laid off around 150 employees and dozens of contractors last May.
This second round of layoffs is aimed at lowering Netflix's costs. Netflix's move comes after its streaming service lost 200,000 subscribers in the first quarter of 2022.
This is Netflix's first subscriber drop in a decade. As previously reported, Netflix's subscriber count fell from 221.84 million to 221.64 million during the January to March period.
Previously, it was predicted that Netflix subscribers would increase to 2.5 million in that period.
"Today we sadly lost approximately 300 employees. While we continue to invest significantly in this business, we are making these adjustments so that our costs grow in line with our slower revenue growth," Netflix said.
It's been reported that the world's dominant streaming service has come under pressure in recent months, as inflation, the war in Ukraine and intense competition weigh on subscriber growth.
After the drop in subscribers in the first quarter, Netflix expects deeper losses for the current period.
To contain that downward trend, Netflix is planning to introduce a cheaper, ad-supported subscription tier which is in talks with several companies.