Netflix Cuts 1,000 Jobs Amid Slowing Viewer Engagement
· Technology · Times of India, Financial Times, The Independent
Netflix is laying off approximately 1,000 employees, representing about 6% of its global workforce, in its largest reduction since 2022. Co-CEOs Greg Peters and Ted Sarandos informed staff in an email that the cuts are necessary to maintain discipline in resource allocation. The layoffs primarily impact the product, technology, legal, and human resources teams. This decision follows a period of slowing viewer engagement and a 40% decline in the company's share price over the past year. The streaming giant currently maintains about 325 million paying subscribers.
Why it matters
The layoffs signal a shift in strategy for Netflix as it struggles to regain growth momentum and investor confidence in a competitive streaming market.
Read the original report — Times of India
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