Netflix is laying off 300 employees in the midst of a rough year for the streaming giant.
Thursday's layoffs impact around 3% of Netflix's workforce, which includes 11,000 full-time employees. The layoffs are also mostly taking place in the United States.
Netflix reported in April that it lost subscribers for the first time in more than a decade. That sent shock waves through Wall Street, leading investors to wipe billions of dollars off Netflix market cap. The company's stock has plummeted roughly 70% this year.
Last month, Netflix laid off 150 workers, placing the blame on slowing revenue growth.
Ideas include introducing a new lower-priced ad tier and clamping down on password sharing among subscribers.
Video creator: Yahoo Finance