Streaming titan Netflix to cut 6% of staff worldwide as it wrestles with slowing growth

Netflix is cutting 6% of its staff — approximately 1,000 positions globally — in what will be the largest layoffs at the company since 2022. 

The layoffs were announced in an email to employees on Wednesday from Co-Chief Executives Greg Peters and Ted Sarandos, which stated that most of the cuts would be to the platform's product, tech, legal and human-resources teams.

“Our mission—to entertain the world—is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources,” the executives told employees.

The company is facing declining engagement and slowing growth, the Wall Street Journal reported, and it's been taking a variety of approaches to get subscribers to spend more time on the platform. The platform has added live channels of programming, video podcasts and bundled its offerings with other streaming services.