Netflix just laid off nearly 300 people in their latest round of job cuts in the United States and several departments in the company were affected by it, it’s really sad to see the decline of such a popular streaming service. A Netflix spokesperson said, “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.”

This is the company’s second round of layoffs due to the revenue growth that is slowing day by day. Previously, they laid off 150 employees, along with a lot of part-time workers and contractors. The company has nearly 11,000 employees around the globe which makes the number of layoffs seem pretty small, but it’s still a significant amount. These layoffs come after a very steep drop in the share price of Netflix, which has fallen nearly 70% since the beginning of the year. Netflix has lost 900,000 users already and they expect to lose nearly 2 million subscribers in the current quarter too.

Along with cost-cutting, the company is also looking at more ways of generating revenue as they are now going to be including ad-supported plans and extra fees for users who share their accounts. With a steep decline in revenue and profits, the company it’s not slowing down its heavy investment in the content as more hit content might be the only thing that saves them in the future.