Netflix Cuts 6% of Global Workforce in Largest Layoffs Since 2022
Netflix is cutting about 6% of its global workforce, laying off around 1,000 employees amid growth slowdowns. Co-CEOs Greg Peters and Ted Sarandos announced the major cuts ahead of earnings.
Netflix is cutting approximately 6% of its global workforce, amounting to about 1,000 employees worldwide, according to a report by The Wall Street Journal. This marks the company's largest layoff round since 2022, coming amid a slowdown in growth and user engagement on the platform.
According to the WSJ report, co-CEOs Greg Peters and Ted Sarandos informed employees in an email that the cuts will primarily impact product, legal, and human resources teams.
"Our mission—to entertain the world—is ambitious, and fulfilling it requires us to operate with discipline regarding how we prioritize our people and resources," the Wall Street Journal quoted them as stating.
The move comes just a week before the company's financial earnings report, and despite its subscriber churn rate remaining the lowest in the industry at slightly over 2% in the US, according to Antenna data.
Netflix shares have lost over 40% of their value over the past 12 months. Netflix thus joins other tech and entertainment giants, including Disney and Amazon, which have significantly reduced their workforces in recent months.
