Netflix cuts another 300 jobs after subscription drops.

Netflix has announced a new round of layoffs as the company grapples with slowing growth and increasing competition.

The streaming giant said it would cut another 300 jobs - about 4% of its workforce, mainly in the United States, after laying off 150 employees in May. The move comes after the company reported losing its first customer in more than a decade in April. The company is researching ad-supported services and combating password sharing while trying to spur growth.

"As we continue to invest heavily in this business, we have made these adjustments to allow our costs to grow in line with our slower revenue growth," Netflix said in a statement Thursday, adding that it was continuing to recruit in other areas. While Netflix has 220 million subscribers worldwide and remains the undisputed leader in the streaming market, it has faced stiff competition with the launch of rival platforms such as Disney Plus and Amazon's Prime Video.

The company has also now made a series of price hikes in the United States, United Kingdom, and elsewhere that have contributed to the loss of its subscribers. Kantar research has consistently identified money savings as the main reason for canceling streaming services -- even in the United States, where streaming subscriptions are generally stable, unlike the UK.

On Thursday, Ted Sarandos, the company's chief executive officer, told a public conference in Cannes that Netflix is ​​talking with multiple companies to explore new advertising partnerships to attract budget-conscious viewers. "We didn't add ads to Netflix as you know them today. Instead, we added layers of ads for people saying, "Hey, I want lower prices, and I'm going to see ads," Mr. Sarandos told Cannes Lions.

The Netflix layoffs come amid growing concerns in the United States that the country's job boom is booming as the pandemic ends. Signs of a slowdown are especially evident in the tech sector, where startups have lost nearly 27,000 jobs since May – roughly double that of 2021, according to Layoffs.fyi, which tracks publicly announced layoffs.

Housing companies have also announced hundreds of layoffs in recent weeks.