Streaming giant Netflix cuts 1,000 jobs over organisational changes
The layoffs amount to roughly 6pc of Netflix’s last reported workforce of around 16,000. Read more: Streaming giant Netflix cuts 1,000 jobs over organisational changes
Netflix, the streaming giant, has announced the layoff of 1,000 employees, accounting for approximately 6% of its workforce of around 16,000 full-time employees. The cuts, which will affect various teams including product, technology, legal, and human resources, are part of a broader set of organizational changes. Co-CEOs Greg Peters and Ted Sarandos informed employees that they need to be "disciplined" about prioritizing people and resources.
The company will continue to invest aggressively in high-impact areas, focusing on improving service and delivering for their members, partners, employees, and investors. Despite the layoffs, Netflix reported a 13% year-over-year increase in revenue during the most recent quarter. The company is increasingly utilizing AI and generative AI across content creation, advertising, and user interaction, with GenAI workflows used in roughly 300 Netflix titles this year.
The layoffs are the biggest since 2022, with around 2,500 workers located in the Europe, Middle East, and Africa region.
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