Netflix to lay off roughly 1,000 employees, or 6% of workforce
Netflix plans to lay off approximately 1,000 employees, representing 6% of its workforce, as it seeks to prioritize resources and improve operational efficiency. The company continues to face stiff competition in the streaming market and is looking for new growth drivers.
Why it matters
Large-scale layoffs at a major tech and media company signal ongoing economic adjustments within the streaming industry.
Netflix said on Wednesday it will lay off roughly 6% of its employees, or roughly 1,000 workers, according to a memo obtained by CNBC.
The job cuts will largely impact the product, tech, legal and HR teams.
"Our mission - to entertain the world - is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources," Netflix co-CEOs Ted Sarandos and Greg Peters wrote in the email to employees. "Our business is strong and growing, and we remain on track to deliver our full year forecast. We'll continue to invest aggressively in high impact areas to improve our service and further drive growth and innovation.
"Doing that means making focused choices across the business so we can keep delivering for our members, partners, employees, and investors," the note said.
Also covering this story
6 other newsrooms covered this event. We read each version separately.
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