Netflix Cuts About 6% of Jobs in Biggest Layoff Since 2022, WSJ Reports

3-line summary

• Netflix is cutting about 6% of its workforce, roughly 1,000 jobs, concentrated in product, technology, legal, and HR departments, according to a WSJ report cited by Investing.com based on an internal employee email; the company had about 16,000 full-time employees at year-end. It is Netflix's largest layoff since 2022.
• The report cites intense competition for users' time in a consolidated media market, with Netflix diversifying revenue beyond subscriptions into advertising, live programming, and gaming. Netflix lost out to Paramount Skydance earlier this year in the bidding for Warner Bros Discovery's streaming and studio assets; Paramount completed its $11 billion Warner Bros acquisition earlier this month.

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