- Netflix is cutting about 1,000 employees, or 6% of its workforce, in its biggest layoffs since 2022, according to an internal memo seen by Reuters.
- The bulk of the cuts fall in Netflix's product, tech, legal and human-resources teams, per the memo sent by co-CEOs Greg Peters and Ted Sarandos.
- The Wall Street Journal reports the cuts aim to prioritize investments and address dwindling engagement as competition grows.
- Reuters says the streaming company faces tough competition for viewers from legacy rivals and YouTube.
Quotes
“The bulk of the job cuts would be in Netflix’s product, tech, legal and human-resources teams”
“to prioritize investments and address dwindling engagement”