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Netflix to Cut About 1,000 Jobs, 6% of Workforce

Netflix announced it will lay off roughly 1,000 employees, about 6% of its workforce, with the cuts focused on product, tech, legal and HR teams. The decision was communicated in a memo from co‑CEOs Ted Sarandos and Greg Peters, who emphasized that the layoffs were a disciplined measure to keep the company on track for its full‑year forecast and to invest in high‑impact areas. The memo followed Sarandos’ remarks at the Bloomberg Screentime conference, where he said Netflix’s growth was not as fast as he wanted, citing stagnant viewing time and a shift in subscriber acquisition drivers. Netflix remains profitable and the largest streaming player, but its growth has slowed amid competition from YouTube and the upcoming Paramount‑Warner merger. The layoffs are part of a broader trend of cost‑cutting in the media sector, with Disney recently announcing a 300‑person reduction. Netflix is scheduled to report quarterly earnings on Oct. 20, and the company said it had no additional comments beyond the memo. The cuts underscore the company’s focus on disciplined resource allocation to sustain long‑term growth.

· CNBC

The essential points

  1. 01Netflix announced roughly 1,000 layoffs, about 6% of its staff, targeting product, tech, legal and HR teams.
  2. 02Co‑CEOs Ted Sarandos and Greg Peters said the cuts were a disciplined step to keep the company on track for its full‑year forecast.
  3. 03The memo came after Sarandos warned at Bloomberg Screentime that Netflix’s growth was slower than desired, amid stagnant viewing time.
  4. 04The move follows Disney’s recent 300‑person cut and reflects broader cost‑cutting trend in the streaming industry.
The full brief

Netflix announced it will lay off roughly 1,000 employees, about 6% of its workforce, with the cuts focused on product, tech, legal and HR teams. The decision was communicated in a memo from co‑CEOs Ted Sarandos and Greg Peters, who emphasized that the layoffs were a disciplined measure to keep the company on track for its full‑year forecast and to invest in high‑impact areas. The memo followed Sarandos’ remarks at the Bloomberg Screentime conference, where he said Netflix’s growth was not as fast as he wanted, citing stagnant viewing time and a shift in subscriber acquisition drivers.

Netflix remains profitable and the largest streaming player, but its growth has slowed amid competition from YouTube and the upcoming Paramount‑Warner merger. The layoffs are part of a broader trend of cost‑cutting in the media sector, with Disney recently announcing a 300‑person reduction. Netflix is scheduled to report quarterly earnings on Oct.

20, and the company said it had no additional comments beyond the memo. The cuts underscore the company’s focus on disciplined resource allocation to sustain long‑term growth.