Netflix cuts about 6% of its workforce in major layoffs
The streaming company plans to cut roughly 1,000 jobs while still expecting to meet its full-year financial targets for investors.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
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What happened
Netflix plans to lay off about 6% of its workforce, roughly 1,000 employees, as part of wider organizational changes. Co-CEOs Greg Peters and Ted Sarandos announced the cuts in a memo to staff. The company says it still expects to meet investor expectations for its full-year financials.
Why it matters
The layoffs are the biggest round of job cuts at the streaming giant in years. Netflix continues to lead subscription streaming, but faces growing scrutiny over how it plans to grow in the future.
Timeline
- Oct 14, 2:58 PM ET: Netflix announced plans to lay off roughly 1,000 employees while expecting to meet investor expectations for its full-year financials.
- Oct 15, 9:45 AM ET: Netflix film chairman Dan Lin was spared in the layoffs, though insiders say he is not out of the woods.
Coverage
- Netflix film boss in firing line amid streaming giant's layoffs and alleged fall out with Ben Affleck (pagesix.com)
- After nearly buying Warner Bros., Netflix is laying off 1,000 workers. What happened? (Los Angeles Times)
- Netflix is laying off 6% of its workforce, in biggest round of job cuts at streaming giant in years (wqow.com)
- Netflix to lay off roughly 1,000 employees (Axios)
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