Netflix lays off 300 employees as bad year continues to hit company

"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," a company spokesperson told CNN Business Thursday.

"We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition."Thursday's layoffs impact around 3 per cent of Netflix's workforce, which includes 11,000 full-time employees. The layoffs are also mostly taking place in the United States. Variety was theNetflix reported in April that it lost subscribers for the first time in more than a decade.

Netflix has been coming up with ways to turn the negative tide and get the platform, which has 221.6 million subscribers, back on track. Ideas include introducing a new lower-priced ad tier and clamping down on password sharing among subscribers.

Damn straight

It's like running a sports store and stocking almost nothing but badminton gear.

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