Netflix to cut about 1,000 jobs, its biggest cuts since 2022
Summary
Netflix is laying off 6% of its workforce, or roughly 1,000 employees, in its biggest cuts since 2022, according to an internal memo seen by Reuters, The Guardian reported on Wednesday 14 October, and the bulk of the cuts would be in the product, tech, legal and human-resources teams, according to the email co-CEOs Greg Peters and Ted Sarandos sent to employees. The Independent said the co-CEOs told employees 'business is strong and growing' and that the streaming pioneer had approximately 16,000 staff members at the end of last year. The Financial Times said the streaming group faces pressure to boost viewer engagement after shares fell more than 40% in a year, and BBC News said the streaming giant had a slowdown in subscriptions.
Latest: Netflix is cutting roughly 1,000 jobs, 6% of its workforce, in its biggest cuts since 2022, as the streaming company faces tough competition from legacy rivals and YouTube, The Guardian reported, citing an internal memo seen by Reuters.
Written automatically by an AI from the articles' headlines and descriptions. It can contain errors: follow the links to read the articles.
How it unfolded
Wednesday 14 October
Netflix is cutting roughly 1,000 jobs, 6% of its workforce, in its biggest cuts since 2022, as the streaming company faces tough competition from legacy rivals and YouTube, The Guardian reported, citing an internal memo seen by Reuters.
- 11:51BBC NewsNetflix to cut 1,000 jobs worldwide
- 10:57The IndependentNetflix cuts 1,000 jobs as CEOs tell employees ‘business is strong and growing’
- 10:09Financial TimesNetflix to cut 1,000 jobs as growth concerns mount