Business
CROSS-SPECTRUMBROAD COVERAGE
Netflix to cut roughly 1,000 jobs in biggest layoff since 2022
Netflix will eliminate roughly 1,000 positions, marking its largest workforce reduction since the 2022 round. The cuts will mainly affect employees in product, technology, human resources and legal functions. Workers received notice on Wednesday. Co-CEOs Ted Sarandos and Greg Peters are navigating a stock price that has fallen more than 30% in six months and over 40% in a year. Netflix met Wall Street earnings expectations last quarter and announced a shift to annual engagement reporting.
How this was covered
- Coverage peaked at 13 outlets in a single hour
Why it matters
The layoffs affect thousands of workers and signal a significant shift in the company's cost structure, influencing investor confidence.
How this story developed
- Oct 14 Netflix cuts about 1,000 jobs, slashing 6% of its workforce
- Oct 14 The cuts constitute Netflix’s largest layoff since the 2022 reduction.
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