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In brief: Netflix has issued walking papers to roughly 150 employees. It's the second round of layoffs in less than a month for the streaming giant and according to reports, most of those impacted are US-based executives.
Deadline was first to report on the cost-cutting measure. Sources told the publication that the layoffs will impact those in creative positions across both film and television. Several of those being let go are in the executive ranks and at least a couple of director-level original series execs are also exiting, Deadline added.
In a statement issued to the publication, a spokesperson for Netflix confirmed they are letting around 150 employees go. "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," the spokesperson said.
Netflix's stock is down nearly five percent on the day and is trading at $181.24 as of writing.
The job cuts aren't a huge surprise considering Netflix said during its most recent earnings call that it would have to slow down on spending. The company lost 200,000 subscribers in the most recent quarter, the first decline in over a decade.
Netflix is considering several measures to get things back on track including rolling out an ad-based tier and cracking down on password sharing. According to a recent report, Netflix is also looking into livestreaming and working on a new season of Black Mirror.