Netflix has laid off approximately 150 employees, just a month after revealing that it was losing subscribers for the first time in a decade.
The layoffs, announced by the entertainment conglomerate on Tuesday, will primarily affect its US office in California.
Netflix stated that the job cuts were caused by the company’s revenue slump.
This year, the streaming service is facing a drop in viewership.
Although it was not specified which areas of the business would be affected, the Los Angeles Times reported that recruiting, communications, and the content department were all affected.
Some people also posted about their job loss on social media.
In April, the streaming behemoth shocked the industry by revealing that it had lost 200,000 subscribers in the first three months of 2022.
The news sparked a sell-off among investors, with the company’s stock dropping 35% in one day.
It is now worth $190 (£152), a 46 percent decrease from its previous premium.
According to some analysts, Netflix has run out of easy ways to grow the business after a surge in sign-ups during the pandemic.