Fortune Tech: Netflix Issues Its Biggest Layoff in Four Years
Good morning. Tech stocks are down again over worries about the ROI of AI.
TL;DR
- Netflix is eliminating roughly 1,000 jobs, about 6% of its workforce.
- The cuts primarily affect product, technology, legal, and human resources teams.
- The company is experiencing a slowdown in revenue growth, though its business remains strong.
- Netflix previously cut staff in May and June 2022 following its first subscriber loss in over a decade.
- The company has since rebuilt by launching an ad-supported tier and charging for shared accounts.