Netflix layoffs: About 1,000 jobs cut, affecting 6% of staff

Netflix layoffs will eliminate approximately 1,000 jobs, representing 6% of the company’s workforce, according to reports published Wednesday, October 14.

Co-CEOs Ted Sarandos and Greg Peters announced the cuts in an email to employees, Variety reported.

Product and technology teams among hardest hit

Most of the reductions will affect Netflix’s product, technology, legal and human resources teams.

The announcement follows earlier reporting that the company was considering a smaller reduction of around 5% of staff.

The cuts come amid concerns about slowing growth and competition for viewers’ attention.

Sources: The Verge, citing Variety, and Associated Press. theverge.com