Netflix cuts 1,000 jobs globally, largest layoffs since 2022
The streaming giant is eliminating approximately 6% of its workforce as it faces intensifying competition and slower growth.
What happened
Netflix announced it will cut 1,000 jobs globally, affecting human resources, legal, product, and technology teams. The reduction represents approximately 6% of the company's total workforce and marks the largest layoff since 2022, when Netflix cut about 450 jobs after losing subscribers. Co-chief executives Ted Sarandos and Greg Peters said in an email to staff that the company would remain disciplined about prioritizing resources while continuing to invest in high-impact areas. Netflix is on track to meet its financial forecasts and is scheduled to report latest results on 20 October.
Context
Netflix faces multiple competitive pressures: rivals are consolidating (Paramount merged with Warner Bros for $110bn), and free platforms like YouTube and TikTok continue attracting viewers. Sarandos previously stated the company was "not growing as fast as I want us to." The streaming industry is grappling with slowing subscriber growth, and analysts note Netflix remains heavily dependent on its subscription model while struggles to develop alternative revenue streams beyond gaming and advertising options. Investors have been monitoring user engagement metrics closely as Netflix competes with short-form video platforms.