Netflix lays off roughly 1000 employees in biggest cuts since 2022
Netflix announced Wednesday that it is cutting about 6 percent of its workforce, affecting approximately 1000 jobs.
Layoffs impact specific departments
The co-CEOs Greg Peters and Ted Sarandos sent an email to staff on Wednesday morning. Most of the job cuts will occur within the product, technology, legal, and human-resources teams. This round represents the largest reduction in headcount since the company reduced staff by 450 people in 2022.
Company cites market competition
Leaders stated that their mission to entertain the world requires disciplined prioritization of resources. The streaming service faces intense competition for user time from legacy rivals and platforms like YouTube. Despite these challenges, the company noted it remains on track to deliver its full-year forecast.
Recent business context
Netflix lost out to Paramount Skydance in a bidding war for Warner Bros Discovery assets earlier this year. The firm had about 16000 full-time employees at the end of last year. Shares rose slightly on Wednesday after reports of the cuts.
All 6 outlets report consistently
No differences in figures, names or dates across these reports.
- Variety
- Business Recorder
- The Guardian
- The Verge
- Engadget
- The Hill
Reported by
6 independent outlets. Headlines as published. Links open the original report.
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Variety
Netflix Lays Off 6% of Employees, Elimination About 1,000 Jobs in Biggest Cutbacks to Date
variety.com → -
Business Recorder
Netflix cuts about 6% of jobs in biggest layoff since 2022, reports
brecorder.com → -
The Guardian
Netflix to lay off about 1,000 employees in biggest cuts since 2022
theguardian.com → -
The Verge
Netflix is laying off around 1,000 employees
theverge.com → -
Engadget
Netflix to lay off roughly 1,000 employees in biggest round of job cuts since 2022
engadget.com → -
The Hill
Netflix laying off 6 percent of its workforce, marking biggest round of job cuts in years
thehill.com →