Netflix is laying off around 150 employees across the company less than a month after the streaming giant reported its first subscriber loss in a decade. The laid-off employees account for less than 2 percent of the 11,000 staffers and are mostly based in the US.

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“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” a representative from the company told CNBC.

“So sadly, we are letting around 150 employees go today, mostly US-based. These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us wants to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition," the representative said.

A week after reporting subscriber loss, Netflix had eliminated some employees working in marketing-related jobs. Media reports stated that some of those fired employees worked at Tudum, a website that promotes movies and TV shows. The website was meant to work as a "backstage pass” to let viewers dig deeper into the Netflix films and series.

Netflix’s layoffs highlight the larger job contraction within the tech industry in line with several other companies, including Facebook parent company Meta, Amazon, and Uber, among others.

As per a WSJ report a few days ago, Netflix had said, “Depending on your role, you may need to work on titles you perceive to be harmful. If you’d find it hard to support our content breadth, Netflix may not be the best place for you.”

Along with global subscriber loss, Netflix lost around 700,000 paid viewers after shutting down its operation in Russia following its Ukraine invasion. The company's shares are down nearly 70 percent since early this year.

Netflix is working to crack down on rampant password sharing, stating 100 million households other than 222 million paying households.