Netflix has laid off around 150 staff members, amid the company's recent struggles.
The streaming giant has enjoyed a meteoric rise over the last decade - but Netflix has now decided to make cutbacks after losing subscribers for the first time in ten years.
In a statement, the media company explained: "These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues."
Netflix hasn't confirmed which parts of the business would witness the job losses. But according to the Los Angeles Times newspaper, people will lose jobs in the recruitment, communications and content departments.
In April, Netflix warned investors that the company was likely to lose another two million subscribers in the three months to July.
The company said: "Our revenue growth has slowed considerably. Our relatively high household penetration - when including the large number of households sharing accounts - combined with competition, is creating revenue growth headwinds."
Netflix also suggested that as many as 100 million households watch the service for free by using shared passwords. The company explained that it had limited Netflix's growth potential.
