Netflix Layoffs: Streaming Giant Cuts 1,000 Jobs In Biggest Workforce Reduction Since 2022

Netflix will lose around 1,000 jobs, hurting staff in product, technology, legal, and human resources.

Netflix has announced its largest employment decrease to date. According to rumours, the streaming platform would reduce 6% of its workforce, or around 1,000 people. The Wall Street Journal reports that this is Netflix's largest round of layoffs since 2022.

Netflix layoffs: Co-CEOs send letter to employees.

According to a Variety report, Netflix's co-CEOs Ted Sarandos and Greg Peters informed staff about workforce reductions via email on Wednesday morning. The layoffs will affect employees across Netflix's product, technology, legal, and human resources divisions.

"Team — We wanted to share that we are making a number of organizational changes and, as a result, we’ll be letting go of roughly 6% of our colleagues, with the greatest impact to our product, tech, legal, and HR teams.

"Decisions like these are never easy, and we don’t take them lightly. Our top priority today is to support those who are leaving Netflix. The process will vary somewhat by country, but leaders will be connecting with impacted employees soon. If you are leaving, please know that we will support you throughout this transition and make sure you have as much clarity and context as possible. We also want to say thank you. What you’ve built, and the care you brought to Netflix, have made a lasting difference and we will always be grateful.

“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,” the co-CEOs said in the memo, as per Variety.

Netflix's co-CEOs stated in a message that the company is on track to meet its full-year financial predictions due to strong business fundamentals and expansion."We will continue to invest aggressively in high-impact areas to improve our service and drive growth and innovation," the CEOs stated.

However, they noted, "Doing that means making focused choices across the business so we can keep delivering for our members, partners, employees, and investors."

Netflix job losses in 2022

Netflix previously made labour cutbacks in 2022, following a substantial drop of 200,000 members in the first quarter, resulting in the termination of 450 roles.

The newest job loss news comes before the streaming platform's quarterly results release on October 20.