Netflix to Cut About 1,000 Jobs, or 6% of Staff

Netflix is cutting roughly 1,000 jobs, or about 6% of its workforce, in a reduction concentrated in product, technology, legal and human-resources teams. Co-CEOs Ted Sarandos and Greg Peters announced the changes in an employee memo on Wednesday, October 14. The executives said the company was making organizational changes and would let go of roughly 6% of its colleagues. They said the cuts would have the greatest impact on the four teams, but did not provide department-by-department totals or a final number of affected employees. In the memo, Sarandos and Peters said Netflix’s business remained strong and growing and that it was on track to meet its full-year forecast. They said the company would continue investing in areas they consider high-impact, while making focused choices about where it puts resources. They also said leaders would contact affected employees, with the process varying by country. The announcement comes as Netflix’s leadership has discussed the pace of growth. At a Bloomberg conference, Sarandos said the company was not growing as fast as he wanted.