Netflix is set to lay off approximately 1,000 employees, a move that raises questions about the scale of its cost-cutting efforts after earlier reports suggested smaller reductions. The streamer's co-CEOs, Ted Sarandos and Greg Peters, confirmed in an internal email that the company will reduce its workforce by six percent. Variety obtained a copy of the memo, which indicates this final figure supersedes a report from last week that the cuts would affect five percent of staff.
This is Netflix's largest single round of layoffs to date. The company previously cut 150 jobs in May 2022 and another 300 in June 2022 to reduce costs following slower revenue growth. The current reductions will primarily affect staff in Netflix's product, technology, human resources, and legal teams.