Netflix Cuts 6% of Global Workforce, About 1,000 Jobs

Netflix is eliminating 6% of its workforce worldwide, roughly 1,000 positions, in the company's deepest round of job cuts since 2022, Variety reported.

Co-chief executives Greg Peters and Ted Sarandos told staff in an email on October 14 that the reductions fall mainly on product, technology, legal and human resources groups, according to Variety. The two executives said Netflix still expects to hit its forecast for the year and plans to keep spending heavily on areas it considers most important.

The cuts come as viewer engagement cools. Netflix shares have lost more than 40% of their value over the past 12 months. The company has been pushing into live programming, video podcasts, shows from YouTube creators and live sports to hold on to watch time. Its U.S. cancellation rate, slightly above 2%, leads the streaming industry, The Wall Street Journal reported.

The announcement arrives about a week ahead of Netflix's quarterly earnings release.

This story was first reported by Entrepreneur.