Netflix to cut about 1,000 jobs in largest layoffs to date

Netflix is cutting roughly 6% of its workforce, or about 1,000 jobs, in its largest round of layoffs to date, according to an employee memo. The cuts will fall most heavily on its product, technology, legal and human resources teams.

Co-CEOs Ted Sarandos and Greg Peters announced the organizational changes in an email to employees on Wednesday. They said managers would contact affected workers and that the process would vary by country.

According to Variety, Netflix has about 16,000 employees, making the reductions its largest layoffs so far. The memo did not provide a breakdown of the cuts by department or location.

“Our business is strong and growing, and we remain on track to deliver our full year forecast,” Sarandos and Peters wrote. “We’ll continue to invest aggressively in high impact areas to improve our service and further drive growth and innovation.”

The executives said the company needed to make choices about where to allocate employees and resources. They also promised support for departing workers during the transition, though the memo did not specify severance terms.

Netflix’s previous major layoffs were in 2022, when it eliminated about 450 positions across two rounds, according to Reuters.

Headquartered in Los Gatos, California, Netflix began as a DVD rental company in 1997 and introduced streaming in 2007.