Netflix to lay off roughly 1,000 employees, or 6% of workforce
Netflix will lay off roughly 6% of its workforce, according to a memo obtained by CNBC.
TL;DR
- Netflix announced layoffs of roughly 1,000 employees, or 6% of its workforce.
- The job cuts will primarily affect product, tech, legal, and HR teams.
- Co-CEOs cited the need for disciplined prioritization of people and resources for their ambitious mission.
- Netflix stated its business is strong and growing, with plans to continue aggressive investment in high-impact areas.
- Layoffs follow comments from a co-CEO about slower-than-desired growth.
- The company is facing stagnating viewing time, with subscriber growth driven by password-sharing crackdowns and a new ad-supported tier.
- Netflix faces competition from YouTube and a potential merger of Paramount+ and HBO Max.
- The company has diversified content but lacks recent major hits like 'Stranger Things' or 'Squid Game'.
- Other media companies, like Disney, are also implementing cost-cutting measures and layoffs.