Netflix cuts 6% of workforce

Netflix is cutting 6% of its workforce, with product, tech, legal and human resources teams the most affected. Its stock edged lower on Wednesday following news of the workforce reduction.

Co-CEOs Greg Peters and Ted Sarandos told employees in an email that their ambition to entertain the world required discipline in deciding where to prioritise people and resources. They framed those choices around delivering on that mission.

Peters and Sarandos also said the company remained on track to deliver its full-year forecast. They said it would continue investing aggressively in areas expected to improve the service and drive growth and innovation.

The layoffs follow a difficult year for the stock. According to Dow Jones Market Data, it has fallen 25% this year and is on pace for its worst year since 2022, when it dropped 51%.