Netflix Sheds 1,000 Employees in Significant Workforce Reduction
The streaming giant implements its largest layoffs since 2022, impacting technology, product, legal, and HR departments.
Netflix has laid off approximately 1,000 employees, representing about 6% of its workforce, in a move described as the company's most substantial job cuts since 2022. The reductions primarily affected teams within product, technology, legal, and human resources, according to a report by The Wall Street Journal.
Top executives Greg Peters and Ted Sarandos informed employees of the decision, stating, "Our mission—to entertain the world—is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources." They added that the company remains on track to meet its earnings forecast and will "continue to invest aggressively in high impact areas."
Despite being the leading streaming service globally with 325 million subscribers, Netflix has experienced a 40% decline in its stock value over the past year. The company has faced challenges in retaining audience engagement, with a Bloomberg report indicating that many of its prominent shows lose over half their viewers after the first season. In response, Netflix has been expanding its content offerings to include video podcasts and live programming.
The company's stock saw a slight increase of about 1% following the news of the layoffs.