Netflix Axes Another 300 Staff Members

Netflix has laid off an additional 300 employees on Thursday.

The job cuts impact a number of different teams, including the United States, Asia Pacific, Europe, Middle East, Africa, and Latin America including the company’s legal and product pisions.

The giant streamer has a global workforce of around 11,000.

“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. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.” a Netflix spokesman said in a statement.

The latest layoffs come after Netflix lost 200,000 subscribers during its first quarter. It started making staff cuts in April with a number of staff members laid off at its fan site Tudum, before cutting roles in its U.S. content teams.

Netflix’s stock has fallen sharply after the streamer reported its global subscriber base decline – its first drop in more than a decade. Netflix reported $7.868 billion in revenue in Q1, up less than 10% from a year ago.

The company is about a month away from its next major crossroads. It will report quarterly results in late July and has already signaled a possible loss of 2 million subscribers. With subscriber momentum slowing, more scrutiny has been applied to the company’s efforts to rein in costs.

Despite the cuts, spending on content is still expected to approach $20 billion this year, with no plans to slash that figure.