Netflix Layoffs: 1,000 Jobs Cut in Biggest Round Since 2022

The netflix layoffs announced Wednesday will cut about 6% of the streaming giant’s workforce — roughly 1,000 employees — in its biggest round of job cuts since 2022, according to a Wall Street Journal report citing an internal memo seen by Reuters.

The cuts land mostly in product, technology, legal and human-resources teams. Co-CEOs Greg Peters and Ted Sarandos told staff the business “is strong and growing” and on track to deliver its full-year forecast, even as the company battles tough competition for viewers from legacy rivals and YouTube.

Streaming Wars Take Their Toll

The timing reflects a harsher streaming landscape. Netflix shares have fallen around 25% this year, though the stock ticked up 0.7% on Wednesday. The company employed about 16,000 people at the end of last year.

The restructuring follows Netflix’s failed pursuit of Warner Bros Discovery’s streaming and studio assets earlier this year — a deal that slipped away as Paramount completed its $110 billion acquisition of Warner Bros this month, forming Skydance.

What Comes Next

With rivals consolidating and YouTube continuing to eat into viewing time, Netflix is signaling it will run leaner even while insisting the core business is healthy. Whether cost discipline can offset the competitive pressure is the question investors will watch into year-end.

Source: Reuters