By Denny Jacob

 

Netflix Inc. said Thursday it is cutting around 300 employees as it continues to grapple with slowing revenue growth.

"Today we sadly let go of around 300 employees. 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," a Netflix spokesperson said in a statement. "We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition."

The subscription streaming company's decision comes a month after it cut 150 employees. A spokesperson at the time said most of the employees being laid off are based in the U.S. and that the layoffs were based primarily on business needs rather than individual performance.

The layoffs came after Netflix in April posted its first subscriber loss on a quarterly basis in over a decade.

 

Write to Denny Jacob at denny.jacob@wsj.com

 

(END) Dow Jones Newswires

June 23, 2022 14:07 ET (18:07 GMT)

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