Netflix has confirmed that it has laid off around 300 employees in its second round of layoffs since reporting its first drop in subscriptions in more than a decade.
Netflix laid off about 150 employees last month, representing a 2% reduction in the company’s total global workforce of 11,000 people. The new round of layoffs reduces the workforce by nearly 3%.
Though the company did not break down the total, reports indicate that the majority of the job losses were in Netflix’s North American operation, with smaller numbers in the EMEA region, Asia-Pacific, and Latin America.
“Today, we sadly let go of around 300 employees,” said a Netflix spokesperson. While we continue to invest heavily in the business, we made these changes to align our costs with our slower revenue growth. We are extremely grateful for everything they have done for Netflix and are working hard to help them through this difficult transition.”
The latest round of layoffs comes after Netflix announced financial results for the first quarter of 2022, which resulted in a drop in the company’s share price and a rethinking of the subscription streaming business’s strength.
Following the announcement of the results, Netflix is reportedly working to reassure producers that the company’s aggressive content spending will continue.
To encourage new subscriber growth, the streamer may also launch an advertising-supported tier. Netflix co-CEO Ted Sarandos appeared to confirm an ad-supported version of the service in an on-stage interview at the Cannes Lions advertising festival this week.