Netflix Inc. is cutting 300 additional jobs in its second round of layoffs in two months.
"Today we sadly let go of around 300 employees," a company representative said in an email Thursday. "We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition."
Netflix's revenue growth slowed in recent quarters. It's making the cuts to ensure costs are increasing at the same pace as revenue, the representative said.
The representative declined to say how many jobs Netflix will eliminate from its Los Gatos headquarters. About 20% of the company's workforce of 11,300 employees is based in Silicon Valley, according to Business Journal research from last year and the company's annual report.
Two-thirds of those affected by the layoffs will be employees in the United States, where 8,600 Netflix staffers work, the company representative said. The layoffs will be made across numerous departments.
Variety first reported news of the cuts.
Last month, the streaming media giant laid off 150 workers, including 70 from its animation division, as well as numerous contractors and part-time employees.
The cutbacks follow the company's disappointing first quarter results, in which it reported its first decline in subscribers in a decade. Not only did the company lose 200,000 subscribers in the quarter — after previously predicting a gain of 2.5 million for the period — it also saw its annualized revenue growth slow to 9.8%. As recently as the first quarter of last year, the company's sales were routinely growing at a more than 20% annual clip.
In addition to cutting staff, Netflix has changed the way it pays workers, for the first time setting salary ranges for particular positions and limiting the leeway of hiring managers to exceed those ranges. Additionally, company co-CEO Ted Sarandos confirmed earlier Thursday that the company plans to introduce an advertising-supported tier of its streaming service, although he didn't say when that service will launch or how much it will cost.
Netflix's stock (Nasdaq:NFLX) plunged following its first-quarter report. Its shares are now down more than 60% over the last year and the company's market capitalization currently is almost $80.1 billion.
