Netflix cuts about 6% of jobs in biggest layoff since 2022, WSJ reports

Netflix is reducing its workforce by approximately 6 percent, resulting in about 1,000 job cuts, according to a report by the Wall Street Journal dated October 14. The majority of these layoffs will affect the product, technology, legal, and human-resources departments. The decision to scale back comes as the company faces fierce competition for viewers' attention in an increasingly crowded streaming market.

Netflix, which had around 16,000 full-time employees as of last year, cited the email from co-chiefs Greg Peters and Ted Sarandos as the source of the information. Despite expanding into areas such as advertising, live programming, and gaming, the company has not yet provided a response to requests for further comment. In recent years, Netflix has been involved in a bidding war for Warner Bros Discovery's streaming and studio assets, losing out to Paramount Skydance.

Nevertheless, the company recently completed its US$110 billion acquisition of Warner Bros., now part of the media conglomerate Skydance.