Netflix to cut six per cent of workforce in restructuring

Summarised from 2 outlets · Updated 14 Oct, 19:02 · Archive

Netflix plans to lay off roughly 1,000 employees, six per cent of its workforce, citing organisational changes.

Netflix plans to lay off about 1,000 employees, six per cent of its workforce, as part of wider organisational changes. Co-chief executives Greg Peters and Ted Sarandos announced the job cuts in a memo to employees on Wednesday. The company's product, tech, legal and human resources teams will be the most affected.

In a statement obtained by the Associated Press, Peters and Sarandos said 'Decisions like these are never easy, and we don't take them lightly'. They maintained that business was strong but that 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 profit has grown this year through membership sign-ups and price increases. In its second financial quarter, the company earned $US3.4 billion and achieved revenue of $US12.56 billion, up nine per cent and thirteen per cent respectively from the same period last year. However, the company's forecast for the third quarter fell below Wall Street's expectations, with earnings to be reported next week.

How it is being reported

• Streaming giant Netflix to cut six per cent of workersNetflix plans to cut six per cent of its employees, or roughly 1000 workers, as part of wider organisational changes.Perth Now · 14 Oct, 18:30
• Streaming giant Netflix to cut six per cent of workersNetflix plans to cut six per cent of its employees, or roughly 1000 workers, as part of wider organisational changes.The West Australian · 14 Oct, 18:30

In this story: Netflix · Greg Peters · Ted Sarandos · Amazon · Disney · Skydance

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