Netflix to lay off about 1,000 employees in biggest cuts since 2022
Streaming company faces tough competition for viewers and engagement from legacy rivals and YouTube
TL;DR
- Netflix is laying off about 1,000 employees, or 6% of its workforce.
- The cuts are the largest since 2022 and primarily affect product, tech, legal, and HR teams.
- The company faces tough competition from legacy rivals and YouTube, impacting viewer engagement.
- Netflix is exploring new revenue streams like an ad tier, live programming, and gaming.
- Despite layoffs, Netflix remains on track to meet its full-year forecast.