Netflix lays off 300 more employees as revenue growth slows

Netflix’s revelation that it lost 200,000 subscribers in the first quarter put further pressure on an already beleaguered tech sector, but top tech analyst Mark Mahaney believes the current weakness in the sector presents several opportunities for investors.

The company is laying off more people.

The cuts, which represent 3% of the company's employee base, come about a month after the streaming company eliminated about 150 positions.

The company let go of around 300 employees. We made the adjustments so that our costs are growing in line with our slower revenue growth. We are working hard to support them through this difficult transition, and we are grateful for everything they have done for us.

In April, it was warned that it would be pulling back on some of its spending growth.

The CFO of the company said during the earnings call that the company is trying to be cautious about pulling back. The company will invest a lot of money on content.

Reed Hastings said during the call that the company is exploring lower priced tiers in a bid to bring in new subscribers after years of resisting advertisements on the platform.

Password sharing is a problem thatNetflix is trying to address. More than 100 million households use the company's service through account sharing.

The company's shares were down less than a percent at midday, but have fallen more than 70% since January.