Netflix has laid-off an additional 300 staff, the latest move as the company tries to reduce expenditures in the face of a shrinking audience.

This accounts for almost 3% of the company’s 11,000 total employees.

The majority of the 300 jobs have been lost in the US, and have affected many of the company’s departments. However, the company said that there have been cuts around the world, including in Europe.

“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 statement read.

“We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”

Netflix had previously warned that layoffs were coming, with rumours that the 300 staff would be made redundant coming earlier this week.

The company has been struggling to reorient itself since April, when the company revealed that it had lost 200,000 subscribers, its first net loss in a decade. In addition, it warned that following quarters could see additional losses.

This knocked $90 off the cost of the company’s shares, costing Netflix around $40bn off its value. Since then, it has lost around 70% of its value.

In the aftermath, the company has been casting around for ways to update its business model and streamline operations. The firm aims to keep its margins at around 20%, making cost-cutting necessary.

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The latest layoffs have not been the first. 150 staff were laid-off as part of cost-cutting measures, approximately 2% of the company’s North American staff. These mainly come from the company’s California offices, with its recruiting, communications, and content wings most affected.

In addition, the company laid off dozens of contractors across its other projects.

Among plans to increase revenues are introducing a cheaper, advert-supported package and cracking down on password-sharing – though a trial has seen mixed results.

The streaming service is facing stiff competition from its competitors, such as Disney Plus and Amazon Prime. As such, Netflix still plans on spending $17bn on new content this year, similar to 2021.

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