Netflix lays off 1,000 employees; here are the teams hit the hardest
Netflix is laying off approximately 1,000 employees, or 6% of its global workforce, marking its largest job cut since 2022. The layoffs, primarily affecting product, technology, legal, and HR teams, come amidst slowing viewer engagement and a significant drop in share value, though the company maintains strong subscriber retention.
Why it matters
These significant layoffs at a major streaming giant reflect broader challenges in the entertainment industry, including increased competition and the need for cost-cutting, impacting employee morale and investor confidence.
Netflix is cutting about 1,000 jobs, or roughly 6% of its global workforce. It is the streaming giant's biggest round of layoffs since 2022, according to a report by The Wall Street Journal. Co-CEOs Greg Peters and Ted Sarandos told employees in an email on Wednesday morning, a week before the company reports its third-quarter earnings.The cuts come at an awkward time for Netflix. Viewer engagement has slowed, and its shares have fallen more than 40% over the past 12 months. In the email, the two CEOs framed the move as a question of focus. "Our mission, to entertain the world, is ambitious," they wrote, adding that delivering on it means being disciplined about where the company puts its people and money.Netflix layoffs hit product, tech, legal and HR teams the mostAccording to WSJ, most of the job cuts fall within the product, technology, legal and human resources teams.
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