Netflix Eliminates About 1,000 Jobs in Biggest Cuts Since 2022
The cuts hit product, technology, legal and human resources teams as Netflix says it will keep investing in high-impact areas.
- On Wednesday, Netflix co-chiefs Ted Sarandos and Greg Peters announced the company will cut 1,000 employees, representing about 6% of its workforce, as part of a restructuring to reduce costs.
- Netflix revenue growth has slowed to 11.9% as audience engagement stalls, prompting the cuts. Media analyst Craig Huber warned that a "lack of breakout content" makes it difficult to retain subscribers and add new users.
- Film division leader Doug Belgrad and original TV series director Carolina Garcia were among those let go. Belgrad, a former Sony Pictures executive, had managed major projects including Frankenstein and Animals.
- While the cuts hit creative leadership, they fell more heavily on tech, legal, human resources, and product departments at Netflix. Rich Leist, Director of Unscripted Casting, and Amy Cohen, Director, Nonfiction Series, were also impacted.
- Reporting financial results on Oct 20, Netflix expects sales to climb 11.9% this year. Co-CEOs Sarandos and Peters stated the business remains strong and on track to deliver full-year forecasts despite the restructuring.
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Netflix will cut about 6 percent of its jobs, or nearly 1,000 jobs, as part of "broader organizational changes across the company." The changes will hit product development, technology, legal and human resources teams the hardest.
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Netflix is cutting nearly 1,000 jobs in biggest layoffs in years - WXXV News 25
By WYATTE GRANTHAM-PHILIPS CHICAGO (AP) — Netflix plans to lay off about 6% of its workforce, amounting to nearly 1,000 positions, as the streaming giant makes wider “organizational changes.” Co-CEOs Greg Peters and Ted Sarandos announced the job cuts in a memo to employees Wednesday. They said the company’s product, tech, legal and human resources teams would be the most...
Product, technology, legal and human resources teams to bear brunt of cuts as company reallocates resources, according to CNBC
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