Streaming giant Netflix has laid off an additional 300 employees as it struggles to turn a profit amid a slump in subscribers, Variety reported.
The layoffs come just weeks after the company laid off 150 workers due to "slowing revenue growth" rather than "individual performance."
"Today we sadly let go of around 300 employees," a Netflix spokesperson told Variety. "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 cuts affect about 216 staffers in the United States; 30 in Asia-Pacific countries; 53 in Europe, the Middle East and Africa; and 17 in Latin America, according to The Hollywood Reporter, which obtained a staff memo from Netflix co-chiefs Reed Hastings and Ted Sarandos.
"We know these two rounds of layoffs have been very hard for everyone — creating a lot of anxiety and uncertainty. We plan to return to a more normal course of business going forward. And as we cut back in some areas, we also continue to invest significant amounts in our content and people: over the next 18 months, our employee base is planned to grow by ~1.5K to ~11.5K," the memo said.
The layoffs follow a loss of 200,000 subscribers during the first quarter of 2022. Netflix predicted it would lose another 2 million subscribers during the second quarter.
Netflix has lost close to 70% of its value since it announced the drop in subscribers, according to Variety. Netflix's stock is currently at $180.08 per share as of June 23 -- down from an all-time high of $690.31 on Oct. 29, 2021.
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