Netflix Cuts 300 Workers In Second Round Of Layoffs Amid "Difficult Transition" Netflix Cuts 300 Workers In Second Round Of Layoffs Amid "Difficult Transition" A spate of recent layoffs has added to investors'' fears that a "soft landing" might be out of the question and prepare for a recession as the Federal Reserve hikes interest rates into a downturn. Variety reports the latest job cuts have hit Netflix (again), set to cut 300 employees (or 3% of the employee base) on Thursday across multiple U.S. business functions. "Today, we sadly let go of around 300 employees," a Netflix spokesperson told Variety. "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 ." Netflix made the first round of layoffs in May, cutting 150 employees and dozens of contractors and part-time workers. Increasing job cuts come as the online streaming service lost 200,000 subscribers at the end of Q1 and is projected to lose two million in Q2.