Netflix is reportedly laying off 1,000 workers – the streaming giant’s biggest cuts since 2022.
Staff were told Wednesday that about 6% of the workforce – within product, tech, legal, and human resources teams – was being slashed, according to the Wall Street Journal.
“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,” top execs Greg Peters and Ted Sarandos were quoted as telling employees.
The company still has the most subscribers out of any other streaming service, with 325 million worldwide, but shares have fallen 40% percent in the past year. Netflix shastock res went up about 1% after the layoff news broke.
The TV and film disruptor has been struggling to keep audiences engaged. Bloomberg reported over the summer that the Netflix’s biggest shows were losing more than half of their viewers after just one season. The company has been trying to build up its portfolio by adding video podcasts and live shows.
Peters and Sarandos told employees that the streamer would “continue to invest aggressively in high impact areas,” according to the Journal. They said the company is on track to hit its earnings forecast.
Netflix did not immediately respond to a request for comment.
This is a developing story.
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