Netflix is cutting about 1,000 staffers in its biggest round of layoffs in years
Netflix is laying off approximately 1,000 employees across its product, tech, and HR departments amid slowing growth and a declining stock price. This follows similar downsizing trends across the broader media and streaming industry.
Why it matters
The layoffs reflect ongoing economic pressures and a strategic recalibration within the streaming industry as companies struggle to maintain subscriber growth and profitability.
Netflix is turning to layoffs under co-CEO Ted Sarandos. Samuel Boivin/NurPhoto via Getty Images; Bloomberg/Getty Images Netflix is cutting about 1,000 employees, following in the footsteps of other major media companies. The cuts impact staffers on the product, tech, and HR teams, a person familiar with the move said. Shares of the streaming giant are down significantly this year and its engagement growth has slowed. Netflix is laying off about 1,000 employees in its biggest round of cuts since 2022, a person familiar with the plans confirmed. The streaming giant is letting go of staffers primarily across the product, tech, HR, and legal teams, the person said. Employees impacted by the downsizing were notified on Wednesday. The Wall Street Journal first reported the news. Other media giants have made cuts in recent weeks.
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