As part of its second round of layoffs, Netflix will be laying off around 300 employees today.
The company laid off approximately 150 employees and dozens more contractors in May.
The layoffs will affect "many different groups" and mainly US workers, although international roles will be cut, a spokesperson for Netflix, Bao Nguyen, stated in a statement to The Verge.
Variety first reported the job cuts.
Nguyen stated, "Today, we sadly let go around 300 employees."
"While we invest heavily in the business, these adjustments were made to ensure that our costs grow in line with slower revenue growth.
This is the latest round of job cuts following Netflix's Q1 earnings report. First, it announced that its revenue growth was slowing and that it had lost subscribers for over a decade.
Nguyen declined to comment to say whether Netflix will be making additional layoffs.
However, in an email that The Hollywood Reporter obtained, Ted Sarandos and Reed Hastings, co-CEOs of Netflix, stated to staff that they plan to "return to a more regular course of business going ahead."