Netflix cuts about 6% of jobs in biggest layoff since 2022
The job cuts come as the streaming giant faces doubts about its ability to sustain growth.
Netflix is cutting approximately 6% of its workforce, which amounts to about 1,000 employees, marking its largest layoff since 2022, according to an internal memo obtained by Reuters. The decision comes as the streaming giant faces intense competition for viewers from established rivals and YouTube. The cuts primarily affect Netflix's product, technology, legal, and human resources teams.
Co-CEO Greg Peters and Ted Sarandos addressed employees via email on Wednesday, stating that the company's mission to entertain the world requires them to prioritize their people and resources strategically. Despite remaining optimistic about the company's growth, Netflix acknowledged the need for a diversified revenue stream, as its subscription business may be reaching a saturation point.
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