Netflix reportedly cuts 6% of workforce in biggest layoffs since 2022

Netflix is reportedly cutting about 6% of its workforce, or roughly 1,000 employees, in its largest round of layoffs since 2022, as the streaming giant faces growing competition for viewers and looks to sharpen where it directs its resources.

The majority of the cuts will affect Netflix's product, technology, legal and human resources teams, according to an internal memo from co-CEOs Greg Peters and Ted Sarandos seen by Reuters.

In the memo, Peters and Sarandos reportedly said the company needed to be disciplined in how it prioritises its workforce and resources as it pursues its broader entertainment ambitions.

They added that Netflix's business remains strong and growing, and that the company remains on track to meet its full-year forecast.

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The latest cuts echo a series of layoffs at Netflix in 2022, when slowing revenue growth and its first subscriber decline in more than a decade prompted the company to rein in costs. In May that year, Netflix cut about 150 employees, largely in the US, after also restructuring its marketing operations and cutting roles at its in-house editorial platform Tudum.

A month later, Netflix reportedly cut another 300 employees, representing around 3% of its workforce at the time. The shake-up came as the company began exploring new avenues for growth, including a lower-priced ad-supported offering, marking a shift from its longstanding subscription-only approach.

Netflix is not alone in reshaping its workforce as entertainment companies look to manage costs and redirect investment. In August, Disney reportedly offered voluntary early retirement packages to eligible executives across Disney Entertainment, ESPN and its US corporate operations, as part of a broader effort to cut costs while creating room for investment in content, technology and experiences.

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