The streaming giant said it was cutting 300 more jobs, roughly 4% of its workforce, mostly in the United States, after axing 150 people in May.
The moves come after the company reported its first subscriber loss in more than a decade in April.
The firm is exploring an ad-supported service and cracking down on password sharing as it tries to boost growth.
"While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth," Netflix said in a statement on Thursday, adding that it was continuing to hire in other areas.
While Netflix has 220 million subscribers globally and remains the clear leader in the streaming market, it has faced fierce competition in recent years with the launch of rival platforms such as Disney Plus and Amazon's Prime Video.
The company also recently embarked on a series of price increases in the US, UK and elsewhere, which have contributed to its subscriber losses.
The firm has said it expects its subscriber count to fall by another two million in the three months to July, after dropping by 200 000 earlier this year.
Surveys by Kantar research firm consistently identify saving money as the number one reason for cancelling streaming services - even in the US, where overall streaming subscriptions have held steady, unlike the UK.
On Thursday, Ted Sarandos, the company's co-Chief Executive, told an audience at a conference in Cannes on Thursday that Netflix was in talks with many companies as it explores new advertising partnerships to appeal to price-sensitive audiences.
--BBC--
