Streaming giant Netflix confirmed it was firing a further 150 employees in response to slowing revenue growth and a massive loss of subscribers.

“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company,” a Netflix representative 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 want to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition.”