The story so far
- Netflix Expected to Cut 5% of Workforce, Report Says8 sources
- Netflix Lays Off About 1,000 Staff, WSJ ReportsYou are here
- Netflix Film VP Doug Belgrad Exits Amid Layoffs3 sourcesLatest
Updated 1h ago · Business
Netflix Lays Off About 1,000 Staff, WSJ Reports
Netflix is laying off about 1,000 employees, about 6% of its staff. Workers were notified Wednesday.
- 2022 was the last time Netflix made cuts this large.
- Product, tech, HR and legal teams take most of the cuts.
- 30%-plus stock decline over six months; over 40% in a year.
- Co-CEOs Ted Sarandos and Greg Peters announced the layoffs by memo.
Why it matters: Netflix remains profitable and leads subscription streaming, but its viewing time has stalled in recent months. Advertising is a key growth area, and it depends on engagement.
- Sarandos said in late September, "we're not growing as fast as I want us to."
- 7.8% of US TV viewing in July, down from 9% in December.
- NBCUniversal and Disney have also cut streaming and media jobs recently.
How 33 sources split on this story
Source landscape
Factuality
High
Mixed
Low
Strong LeftLeftLean LeftCenterLean RightRightStrong Right
Political Bias
Coverage by lean
33 sources · 38 articles · 55% Center coverage
Center18 sources
Forbes8hNetflix Cuts 1,000 Jobs In Biggest Layoffs Since 2022Associated Press5hNetflix is laying off 6% of its workforce, in biggest round of job cuts at streaming giant in yearsAxios4hNetflix to lay off roughly 1,000 employeesBBC News7hNetflix to lay off 1,000 staff in steepest cuts since 2022Bloomberg9hNetflix to Cut 6% of Global Staff, About 1,000 Jobs, WSJ SaysCNBC9hNetflix is laying off roughly 6% of its workforceCTV News7hNetflix cuts about 6% of jobs in biggest layoff since 2022Deadline9hNetflix Layoffs Underway, Streamer Eliminating About 1,000 Jobs, 6% Of Its WorkforceEngadget6hNetflix To Lay Off Roughly 1,000 Employees In Biggest Round Of Job Cuts Since 2022Financial Times9hNetflix to cut 1,000 jobs as growth concerns mountIBTimes7hNetflix to Lay Off Nearly 1,000 Employees Despite Global Expansion. Its Stock is Falling.KSAT 12 San Antonio7hNetflix is laying off 6% of its workforce, in biggest round of job cuts at streaming giant in yearsReuters9hNetflix cuts about 6% of jobs, WSJ reportsThe Hill5hNetflix laying off 6 percent of its workforce, marking biggest round of job cuts in yearsWESH 2 News2hNetflix is laying off 6% of its workforce, in its biggest round of job cuts in yearsWGAL 82hNetflix is laying off 6% of its workforce, in its biggest round of job cuts in yearsWKBN Youngstown6hNetflix is laying off 6% of its workforce, marking its biggest round of job cuts in yearsWPLG Local 107hNetflix is laying off 6% of its workforce, in biggest round of job cuts at streaming giant in years
Left coverage, 10 sources: The left sees the layoffs as a growth reset for a profitable company whose viewing time and stock have slipped.
Hollywood Reporter9hNetflix Lays Off Around 1,000 Employees In Largest Cuts Since 2022Business Insider3h5 reasons Netflix is struggling as it cuts 1,000 employeesThe Independent3hNetflix to lay off around 6% of its workforce amid streaming slumpCBS News8hNetflix is cutting 6% of its workforce as its revenue growth slowsNBC News8hNetflix to cut about 6% of worldwide staffSan Francisco Chronicle5hNetflix cuts 1,000 jobs in company’s biggest layoffs everTechCrunch8hNetflix to lay off 1,000 staff amid intensifying competition for user attention | TechCrunchThe Guardian7hNetflix to lay off about 1,000 employees in biggest cuts since 2022The Verge7hNetflix is laying off around 1,000 employeesVariety9hNetflix Layoffs Cut 6% of Employees, Eliminating 1,000 Jobs
Right5 sources
Breitbart News7hNolte: Biggest Layoffs in Company’s History Hit NetflixCitizen Free Press9hBig layoffs just announced at Netflix.New York Post9hNetflix fires 1,000 workers as it struggles to keep audiences watching: reportThe Washington Times7hNetflix cuts 1,000 jobs, 6% of workforce, in largest layoff since 2022ZeroHedge7hNetflix Makes Biggest Workforce Cut Since 2022
What’s next: Netflix reports third-quarter results after the closing bell on Oct. 20.
- Investors will watch engagement closely. Netflix now publishes its detailed engagement report once a year instead of twice.
- Will the cuts be enough to restore the growth Sarandos says he wants?
- How will the third-quarter numbers show engagement trending?
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