The World’s largest streaming service is taking refuge in new cost cutting measures
Netflix is sacking 150 employees across the company with most of the cuts happening in the United States.
It comes after the company recorded a large fall in subscribers, for the first time in a decade.
The news sparked an investor sell-off, with the firm’s stock plunging 35% in one day.
The layoffs represent only 2 per cent of the company’s total staff.
Netflix also plans on introducing ads as a way of building revenue.
It also wants to tackle password sharing privileges to compensate for lower revenues.