Netflix Layoffs: Streaming Giant Set To Cut 1,000 Jobs In Biggest Round Since 2022

Leading streaming platform, Netflix is set to reduce its workforce by nearly 1,000 employees, making this its biggest round of layoffs since 2022. Netflix Inc. is cutting 6% of its global staff, or about 1,000 positions, as the streaming company struggles with slowing growth.

The job cuts mainly affect staff in the product, technology, human resources and legal divisions. Employees who are part of the downsizing received notices on Wednesday, as reported by The Wall Street Journal.

Co-CEOs Ted Sarandos and Greg Peters are dealing with a declining share price, which has fallen over 30 per cent in six months and more than 40 per cent in a year. Speaking at a Bloomberg event in September, Sarandos said that growth has been slower than he would like

Last week, Netflix announced its third-quarter results. Netflix’s viewership rose 2 per cent in the first half of the year to 97 billion hours.

Peters and Sarandos said Netflix would continue investing aggressively in areas they identified as having high impact, while making choices about how to allocate resources across the business. They also told employees the company remained on track to meet its full-year earnings forecast.

Netflix shares were down less than 1% on Wednesday morning in New York. They have fallen 25% this year, compared with a 13% gain for the S&P 500.

Notably, earlier this year Netflix lost out on a bid to acquire Warner Bros. Discovery Inc.

Vikas Kumar is Deputy Editor (Business) at Times Now driving coverage acro… Vikas Kumar is Deputy Editor (Business) at Times Now driving coverage across policy, economy and markets. He possesses nearly a decade of experience in covering national economic affairs as well as engaged in assignments related to International Organisations (Economy). Cycling, watching history documentaries and travelling keep him engaged when not crunching numbers for a story. You can contact him by sending an email on vikas.kumar4@timesgroup.com View MoreView Less