Netflix Lays off Almost 1,000 in the Biggest Job Cuts Since 2022
Netflix staff were told the company will lay off hundreds of employees Wednesday, a source confirmed to The Hollywood Reporter, as the streaming giant tries to reset its strategy to keep its worldwide business growing.
The corporation is projected to slash roughly 6 per cent of its personnel, or about 1,000 people, the biggest decrease in staff at the company since 2022.
Netflix co-CEOs Ted Sarandos and Greg Peters revealed the changes in a memo to employees Wednesday morning. The company’s product, engineering, legal, and HR teams are believed to have been hit hardest.
Our mission to entertain the world is ambitious, and delivering on it requires us to be disciplined about where we prioritise our people and resources, the co-CEOs stated in the email, which was acquired by THR. “We have a strong and growing business and remain on track to deliver our full year forecast. We will continue to invest heavily in high-impact areas to improve our service and to further drive growth and innovation. This requires disciplined decisions across the organisation so we can keep delivering for our members, partners, staff and investors.
It’s not a good thing, Ted Sarandos said at the Bloomberg Screentime event on Sept. 30. “Overall, we’re not growing as fast as I want us to, and we’re working to move faster.
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