Netflix laid off about 6% of its global workforce in its largest job cut since 2022
Netflix announced it will lay off 6 percent of its global workforce, primarily in product, tech, legal, and human-resources teams, following a 13.4% revenue increase in the second quarter.
- Netflix plans to lay off 6 percent of its global workforce, or about 1,000 employees, reducing its global staff from 16,000 to about 15,000.
- The layoffs will primarily affect product, tech, legal, and human-resources departments.
- Netflix stated the company remains on track to meet its annual goals and that the decision was to prioritize resources.
- Netflix executives said the cuts were to prioritize resources and invest in high-impact areas.
- Netflix is diversifying revenue through advertising, live events, and video games.
- The reduction is the largest wave of layoffs since 2022.
- Netflix interaction grew only 2 percent in the last period.
- Netflix holds 19% of the streaming market according to JustWatch.
- Netflix shares rose 0.7% on Wednesday.
- Netflix revenue rose 13.4% in the second quarter and net profit reached $3.401 billion.
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