Netflix Is Cutting 1,000 Jobs in Its Biggest Layoffs Since 2022
Shares of the streaming giant have fallen more than 40% over the past year as engagement slows.
Netflix is struggling to keep viewers glued to their screens, and now about 1,000 employees are paying the price, according to Variety. The streamer is cutting 6% of its staff globally. It’s the company’s biggest round of Netflix layoffs since 2022.
In an email to employees Wednesday, co-CEOs Greg Peters and Ted Sarandos said most of the cuts will hit the product, tech, legal and human resources teams.
Netflix has been trying to win back viewers’ time with live channels, video podcasts, YouTube creators’ shows and live sports. Its U.S. cancellation rate of just over 2% is the best in the industry, according to The Wall Street Journal. Still, shares are down more than 40% over the past 12 months.
The layoffs come a week before Netflix reports quarterly earnings. Peters and Sarandos said the company remains on track to meet its full-year forecast and will “continue to invest aggressively in high-impact areas.”
Netflix is struggling to keep viewers glued to their screens, and now about 1,000 employees are paying the price, according to Variety. The streamer is cutting 6% of its staff globally. It’s the company’s biggest round of Netflix layoffs since 2022.
In an email to employees Wednesday, co-CEOs Greg Peters and Ted Sarandos said most of the cuts will hit the product, tech, legal and human resources teams.
Netflix has been trying to win back viewers’ time with live channels, video podcasts, YouTube creators’ shows and live sports. Its U.S. cancellation rate of just over 2% is the best in the industry, according to The Wall Street Journal. Still, shares are down more than 40% over the past 12 months.
The layoffs come a week before Netflix reports quarterly earnings. Peters and Sarandos said the company remains on track to meet its full-year forecast and will “continue to invest aggressively in high-impact areas.”
