Following the dismissal of some 150 employees in May, yet more job cuts are hitting Netflix this week.

As many as 300 employees will be let go according to an exclusive report from Variety. The layoffs come as Netflix aims to cut costs and keep margins at 20 percent but it still intends on investing hard into content with a budget of $17 billion.

“Today we sadly let go of around 300 employees,” Netflix said in a statement to Variety. “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. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”

Netflix has been reeling since announcing it had lost 200 000 subscribers and expected to lose as many as two million by the end of the second quarter. There is also talk of Netflix cutting even more jobs throughout the year.

The problem is that Netflix is no longer the king of streaming services. Not only has there been a mass exodus of content as the likes of Paramount and Disney launch their own services, but Netflix’s original content hasn’t set the world ablaze either.

Perhaps there is a rabbit in Netflix’s hat that can bring subscribers back but if Netflix is expecting losses after launching new seasons of its most popular shows, the outlook is grim.