Following a first round of layoffs that took place in May, streaming giant Netflix let go around 300 of its employees on Thursday, according to a report by Variety.

The bulk of the jobs lost are reported to be in the US, with the layoffs affecting a multitude of the company's business functions.

In May, Netflix fired 150 of its employees, as well as dozens of contractors and part-time workers, and said that more layoffs would follow this year as the company's stock price weakens.

Since news came out that the company lost 200,000 subscribers at the start of the year, Netflix lost close to 70% of its value, with fears of losing 2 million subscribers in the second quarter, as opposed to Wall Street projections of the company adding 2.5 million subscribers.

To deal with their dire situation, the company's executives are now considering what everyone thought would have been impossible months ago: Open the service for advertisement in return for a lower-priced subscription.

The US economy is currently blasted by fears of a recession, with the US and Europe's economies slowing sharply in June amid rising food and energy prices.

S&P Global said on Thursday that the US composite purchasing managers index, which measures activity in the manufacturing and services sectors, fell in June from 53.6 (May) to 51.2, reaching its lowest level in five months.