Netflix (NFLX) Cuts About 1,000 Jobs, 6% of Workforce, Six Days Before Earnings
Key Takeaways
- •Netflix is eliminating approximately 1,000 jobs, or about 6% of its workforce, marking its largest workforce reduction since 2022.
- •Co-CEOs Greg Peters and Ted Sarandos informed employees of the cuts by email on Wednesday, with the reductions targeting product, technology, legal, and human resources functions.
- •The current layoff round surpasses the roughly 450 positions Netflix removed across two rounds in 2022, which followed its first subscriber decline in over a decade.
- •The announcement came six days before Netflix's quarterly earnings report, which will be the first since the layoffs were disclosed.
- •After the 2022 layoffs, Netflix returned to subscriber growth and expanded its advertising-supported plan and paid account-sharing options.
Netflix (NASDAQ: NFLX) is cutting roughly 1,000 jobs, about 6% of its workforce, in the largest round of layoffs the streaming company has conducted since 2022 — an announcement that arrives six days before its quarterly earnings report.
Co-Chief Executive Officers Greg Peters and Ted Sarandos delivered the news to employees by email on Wednesday morning, according to COINOTAG. The reductions fall on the product, technology, legal and human resources functions.
Peters and Sarandos have shared the chief executive role since January 2023, when co-founder Reed Hastings stepped down from the position to become executive chairman.
In 2022 — the company's previous major workforce reduction — Netflix eliminated roughly 450 positions across two rounds after reporting its first quarterly subscriber decline in more than a decade, a combined total that the current round surpasses its own. The Los Gatos, California-based service subsequently returned to subscriber growth and has since expanded its advertising-supported plan and paid account-sharing options.
Attention now turns to the quarterly earnings report, due six days after the announcement — the first earnings report since the layoffs were disclosed.
This content was first published on COINOTAG: Netflix (NFLX) Cuts 1,000 Jobs, 6% of Staff, Six Days Before Earnings
