Brief
Netflix to cut about 1,000 jobs in latest workforce reduction
Co‑CEOs Greg Peters and Ted Sarandos said the cuts are part of disciplined resource prioritisation as the streamer prepares for upcoming earnings.
By Felo News Desk · Published
Netflix said it will lay off roughly 6% of its workforce – about 1,000 positions – in a memo released Wednesday by co‑CEOs Greg Peters and Ted Sarandos. The memo, obtained by the Associated Press, said product, technology, legal and human‑resources teams would be hit hardest. "Decisions like these are never easy, and we don’t take them lightly," the executives wrote, adding that the company must be disciplined about where it prioritises people and resources as it invests in future growth.
Netflix declined further comment. The streaming giant posted a $3.4 billion profit and $12.56 billion revenue for the second quarter, up 9% and 13% year‑on‑year, but its third‑quarter forecast fell short of Wall Street expectations. The cuts represent the biggest round of layoffs the California‑based company has announced in years.
Key facts
- Netflix will cut about 1,000 jobs, roughly 6% of its workforce (independent.co.uk)
- Layoffs will mainly affect product, tech, legal and HR teams (independent.co.uk)
- Second‑quarter profit was $3.4 billion and revenue $12.56 billion, up 9% and 13% YoY (independent.co.uk)
Sources
- [1] independent.co.uk — originally reported as “Netflix is laying off 6% of its workforce, in biggest round of job cuts at streaming giant in years”
