Netflix will lay off nearly 1,000 employees / Executives announced the job cuts

Netflix plans to lay off nearly 1,000 employees, equivalent to approximately 6% of its workforce, in a restructuring expected to affect its production, technology, legal and human resources departments. Employees were informed in an email sent by co-CEOs Ted Sarandos and Greg Peters, according to CNBC.

The layoffs would represent the company’s largest round of job cuts since 2022. In the message, the two executives said Netflix needs to prioritize its personnel and resources more strictly in order to continue investing in the areas with the greatest impact on the service and the company’s growth.

The announcement comes ahead of the release of quarterly financial results, scheduled for next week. Sarandos recently said that Netflix is not growing as quickly as he would like, although the business remains solid and continues to grow.

At the end of last year, the company had approximately 16,000 full-time employees. Netflix is facing increasingly strong competition for users’ time and is diversifying its business through advertising, live broadcasts and video games. The company recently lost the competition for Warner Bros. Discovery’s assets to the Paramount-Skydance consortium.