Netflix announces biggest job cuts in four years
What Happened
Netflix is cutting about 1,000 jobs, or roughly 6% of its global workforce, with most reductions affecting product, technology, legal and human resources teams. Co-CEOs Greg Peters and Ted Sarandos informed employees of the cuts, saying the company needs to be disciplined about where it prioritises people and resources.
Key Takeaways
This is Netflix’s biggest layoff round since 2022 and comes as the streaming company faces slower growth and concerns about viewer engagement. Despite the cuts, its leadership told employees that the company remains on track to meet its full-year earnings forecast.