Netflix said to cut 6% of workforce

Netflix Inc. is expected to reduce its workforce by approximately 6%, or about 1,000 employees globally, in its biggest job cut since 2022, the Wall Street Journal reported on Wednesday, citing an email that co-CEOs Greg Peters and Ted Sarandos sent to employees.

The executives said most layoffs would occur in product, technology, 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," they wrote, adding that the streaming giant will continue to "invest aggressively in high impact areas."

Netflix has been struggling with slowing growth and customer engagement for quite some time. However, executives stated that the company is still on track to meet its full-year profit guidance. Netflix is set to release its third-quarter earnings report on October 20.

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