US streaming giant Netflix announced on Oct. 14 that it would cut about 1,000 jobs, or roughly 6% of its global workforce, marking its largest round of layoffs since 2022.
According to reports, the cuts will mainly affect its product, technology, legal and human resources teams. In an email to employees, co-chief executives Greg Peters and Ted Sarandos said: "Our mission-to entertain the world-is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources."
The layoffs come as Netflix faces slowing growth and mounting pressure on its share price. The stock rose about 1% in early trading on the day the cuts were announced, but has fallen more than 20% so far this year.
The company is scheduled to release its third-quarter results on Oct. 20, with analysts expecting the restructuring to support its earnings outlook.
Reports had previously circulated that Netflix was planning to cut about 5% of its workforce. Analysts said intensifying competition in the global streaming market, coupled with slowing audience engagement and subscriber growth, had forced the company, once a benchmark for rapid growth, to tighten its spending.
Meanwhile, layoffs across the US technology sector have continued this year, with more than 160,000 jobs cut in the first nine months.
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