Netflix Inc said it laid off 300 employees, or about 4 per cent of its workforce, in the second round of job cuts aimed at lowering costs after the streaming giant lost subscribers for the first time in more than a decade.

The move mostly affected its US workforce and came after the company cut 150 jobs last month.

"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," Netflix said in a statement on Thursday (June 23).

The world's dominant streaming service has come under pressure in recent months as inflation, the war in Ukraine and fierce competition weigh on subscriber growth. After the subscriber drop in the first quarter, Netflix has forecast even deeper losses for the current period.

To arrest that downtrend, the company plans to introduce a cheaper, ad-supported subscription tier for which it is in talks with several companies.

ALSO READ:&nbsp;<a href="https://www.asiaone.com/money/netflix-talks-advertising-tie-ups">Netflix in talks for advertising tie-ups</a>

Toy figures of people are seen in front of the displayed Netflix logo, in this illustration taken on Jan 20, 2022.

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Reuters

Netflix Inc said it laid off 300 employees, or about 4 per cent of its workforce, in the second round of job cuts aimed at lowering costs after the streaming giant lost subscribers for the first time in more than a decade. The move mostly affected its US workforce and came after the company cut 150 jobs last month. "While...

Netflix lays off 300 employees in cost-cutting drive