Netflix is eliminating about 1,000 jobs, the largest round of cuts since 2022. The reductions affect roughly 6% of the company's staff.
The layoffs come as the streaming giant struggles with slowing growth. The company has faced mounting pressure to sustain subscriber gains and revenue expansion as competition in the streaming market intensifies.
The cuts mark a significant shift for the company, which had built its reputation on rapid expansion. Its workforce reduction signals a more cautious approach as it works to balance costs against long-term growth targets.
The Wall Street Journal first reported the cuts. Netflix has not disclosed the specific roles or divisions most affected, and further details about the restructuring are expected to emerge in the coming weeks.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing