Netflix cuts 6% of workforce amid wider organisational changes

Summarised from 2 outlets · Updated 14 Oct, 17:33 · Archive

Netflix is laying off nearly 1,000 employees, or 6% of its workforce, in the streaming giant's largest round of job cuts in years.

Netflix plans to lay off nearly 1,000 employees, approximately 6% of its workforce, in its largest round of job cuts in years. Co-CEOs Greg Peters and Ted Sarandos announced the cuts in a memo to staff on Wednesday, stating the company's product, tech, legal and human resources teams would be the most impacted. The executives said business remained strong but Netflix needed to be 'disciplined about where we prioritise our people and resources' as it invests in future growth and 'high impact areas to improve our service'.

Netflix's financial results show revenue of $12.56 billion and profit of $3.4 billion in the second quarter, up 13% and 9% respectively year on year, driven by membership signups and price increases. However, the company's forecast for the third quarter fell below Wall Street expectations, with earnings due to be reported next week.

The streaming sector is intensifying in competition. Netflix accounts for 19% of the market but faces rivals including Amazon Prime Video and Disney+. HBO Max and Paramount+ are now both owned by Skydance following Paramount's $81 billion acquisition of Warner Bros. Discovery, which closed last week.

How it is being reported

• Netflix is laying off 6% of its workforce, in biggest round of job cuts at streaming giant in yearsNetflix plans to lay off about 6% of its workforce as part of wider organizational changes.Clickorlando · 14 Oct, 17:02
• Netflix is laying off 6% of its workforce, in biggest round of job cuts at streaming giant in yearsNetflix plans to lay off about 6% of its workforce as part of wider organizational changes.News4Jax · 14 Oct, 17:02

In this story: Netflix · Greg Peters · Ted Sarandos · Amazon · Disney · Skydance · Warner Bros. Discovery

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