Netflix has announced its most significant workforce reduction to date. The streaming platform will eliminate 6 percent of its staff, representing approximately 1,000 positions, according to reports. This is Netflix’s biggest round of layoffs since 2022, as per Wall Street Journal.
The current job cut announcement precedes the streaming platform’s scheduled quarterly earnings release on October 20. The layoffs will affect employees across Netflix’s product, technology, legal, and human resources divisions. “Decisions like these are never easy, and we don’t take them lightly. The process will vary somewhat by country, but leaders will be connecting with impacted employees soon. If you are leaving, please know that we will support you throughout this transition and make sure you have as much clarity and context as possible. We also want to say thank you. What you’ve built, and the care you brought to Netflix, have made a lasting difference and we will always be grateful. In their memo, the co- CEOs affirmed that Netflix maintains robust business fundamentals with continued expansion, and they are positioned to achieve their full-year financial projections.
“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 co-CEOs said in the memo, as per Variety. Netflix’s co-CEOs Ted Sarandos and Greg Peters informed staff about workforce reductions via email on Wednesday morning, according to a Variety report. Our top priority today is to support those who are leaving Netflix.
