Netflix is laying off 6% of its workforce, in biggest round of job cuts at streaming giant in years
Netflix plans to lay off about 6% of its workforce as part of wider organisational changes
Netflix is set to let go of approximately 6% of its workforce, resulting in the loss of around 1,000 positions. Co-CEOs Greg Peters and Ted Sarandos disclosed these workforce reductions in a memo to employees on Wednesday. They noted that the product, technology, legal, and human resources departments would be the most affected.
While the duo emphasized that business was thriving, they stressed the company's need to be "disciplined" about allocating resources for future growth and high-impact areas. The decision to lay off employees is never taken lightly, according to the memo obtained by The Associated Press. Netflix declined to provide additional details on the cuts, which came despite strong membership signups and price hikes leading to a 9% and 13% increase in revenue for the second financial quarter.
However, Netflix's third-quarter earnings forecast fell short of Wall Street expectations. Despite being a market leader, Netflix faces increasing competition from streaming giants such as Amazon Prime Video, Disney+, HBO Max, and Paramount+.
Written by urgent.news from The Hindu - Sci-Tech's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
