Netflix is reportedly shedding 1,000 staff – the streaming giant’s greatest cuts since 2022.
Staff were instructed Wednesday that about 6% of the workforce – within product, tech, legal, and human assets groups – was being slashed, according to the Wall Street Journal.
Netflix has axed 1,000 staff, about 6% of the workforce, as huge price range cuts hit the company. Getty Images
“Our mission—to entertain the world—is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources,” high execs Greg Peters and Ted Sarandos were quoted as telling staff.
The company still has the most subscribers out of any other streaming service, with 325 million worldwide, but shares have fallen 40% p.c in the previous yr. Netflix shastock res went up about 1% after the layoff information broke.
The TV and movie disruptor has been struggling to keep audiences engaged. Bloomberg reported over the summer season that the Netflix’s greatest reveals were shedding more than half of their viewers after just one season. The company has been making an attempt to construct up its portfolio by including video podcasts and reside reveals.
Netflix Co-CEOs Greg Peters, left, and Ted Sarandos attend the twenty eighth Television Academy Hall of Fame ceremony at LA Live in Los Angeles on Thursday, August 13, 2026. AFP via Getty Images
Peters and Sarandos instructed staff that the streamer would “continue to invest aggressively in high impact areas,” according to the Journal. They said the company is on monitor to hit its earnings forecast.
Netflix did not immediately reply to a request for remark.
This is a developing story.
