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Netflix Cuts 1,000 Jobs in Largest Layoff Round Since 2022

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NFLX$69.84 −0.89%

Netflix, Inc. (NASDAQ:NFLX) is reducing its workforce by approximately 6%, cutting around 1,000 positions in its largest round of job reductions since 2022. Co-Chief Executive Officers Greg Peters and Ted Sarandos notified employees of the decision via an internal memo. The reductions mostly target staff in product development, technology, legal, and human resources departments.

The restructuring comes as the streaming pioneer expands beyond its traditional subscription business into advertising, live programming, and video gaming. Netflix held approximately 16,000 full-time staff members at the end of last year. The move follows Netflix's unsuccessful attempt to purchase Warner Bros. Discovery's studio and streaming assets, a deal ultimately secured by Paramount Skydance for nearly $110 billion earlier this month.

Investors will get a clearer view of the financial impact and strategic outlook when Netflix releases its third-quarter earnings report on October 20. Netflix shares were recently trading down 1.33% at $69.52.

Key points

  • Netflix, Inc. (NASDAQ:NFLX) is trimming roughly 6% of its workforce, eliminating about 1,000 jobs.
  • The job cuts primarily affect teams in product, technology, legal, and human resources.
  • This marks the company's largest corporate layoff round since 2022.
  • Netflix is shifting focus toward ad-supported tiers, live programming, and gaming.
  • The company reports its third-quarter financial results on October 20.

Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org

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Questions and answers

How many jobs is Netflix cutting?

Netflix is eliminating roughly 1,000 jobs, representing about 6% of its global workforce.

Which departments at Netflix are affected by the layoffs?

The staff reductions primarily target employees in the product, technology, legal, and human resources departments.

When does Netflix report its Q3 earnings?

Netflix is scheduled to release its third-quarter financial results on October 20.