Netflix cuts around 300 jobs after losing subscribers

Netflix is cutting around 300 jobs today as part of a second round of layoffs. The company previously laid off around 150 employees and dozens of contractors in May.

The layoffs impact “many different teams” and mostly workers in the US, though international roles are being cut as well, Netflix spokesperson Bao Nguyen said in a statement to The Verge. Variety first reported on the job cuts.

“Today we sadly let go of around 300 employees,” Nguyen said. “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.”

It’s the latest round of job cuts after Netflix’s rough Q1 earnings report, where it announced that revenue growth was slowing and that it lost subscribers for the first time in over a decade.

Nguyen declined to comment on whether Netflix plans additional layoffs in the near term. But co-CEOs Reed Hastings and Ted Sarandos told staff that “we plan to return to a more normal course of business going forward” in an email obtained by The Hollywood Reporter.