Video streaming service Netflix is ​​reacting to slower business growth with significant job cuts. Co-CEOs Greg Peters and Ted Sarandos announced in an email ... Show more
Netflix Does Its Biggest Mass Layoff in Years: In a memo, as they announced Netflix was laying off 6 percent of the company, co-CEOs Greg Peters and Ted Sarandos ...
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Netflix Does Its Biggest Mass Layoff in Years
Key FactsNetflix cuts about 1,000 jobs, largest round since 2022
4 days ago · Reading time: ~45 sec.
Summary created with AI assistance · Source: businessinsider.com
  • A person familiar with the plans confirmed this is Netflix’s largest round of layoffs since 2022.

  • Co-CEOs Ted Sarandos and Greg Peters notified employees Wednesday; product, technology, human resources, and legal teams are most affected.

  • Netflix’s stock has fallen more than 40% over one year, following a decline of over 30% in six months.

  • Netflix is scheduled to report third-quarter earnings on October 20 after the market closes.
  • 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.
    — From Netflix co-CEOs Ted Sarandos and Greg Peters in a company memo announcing layoffs
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Growth Falls Short of Expectations: Netflix Cuts About 1,000 Jobs
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