Netflix lays off 1,000 employees in massive round of cuts

Netflix announced the layoff of approximately 1,000 employees, the largest round since 2022. The cuts primarily affect the product, technology, human resources, and legal departments. The move comes amid slowing growth, a 40% drop in the stock over the past year, and investor concerns ahead of next week's quarterly earnings report.

Netflix announced the layoff of approximately 1,000 employees, the largest round of cuts at the company since 2022. The laid-off employees come mainly from the product, technology, human resources, and legal departments. The move occurs about a week before the release of the third-quarter financial results, expected on October 20. The layoffs come amid slowing growth and a drop of more than 40% in the company's stock over the past year. Co-CEO Ted Sarandos said, "We are not growing as fast as I would like." Additionally, the company announced it will publish detailed diversity reports only once a year instead of twice, a move that has raised concern among investors. Despite the difficulties, total viewing time increased by 2% in the first half of the year to 97 billion hours, but its U.S. market share fell to 7.8% in July, down from a peak of 9% in December.