Netflix eliminates over 1,000 jobs despite strong quarterly profits: Report
Follow UsNetflix plans to cut around 1,000 jobs, affecting nearly 6% of its global workforce.
The layoffs will impact teams across product, technology, legal and human resources.
Disney, Amazon and Xbox have also announced job cuts across their teams.
Netflix has announced a fresh round of job cuts that will affect its team worldwide. It is the company’s biggest round of layoffs since 2022. The job cut affects around 6 per cent of its staff, which nearly accounts for around 1,000 jobs. The layoff is said to span various departments, including product, technology, legal and human resources. Netflix has been exploring new ways to attract viewers and encourage existing subscribers to spend more time watching content on its platform for a while now. The entertainment giant confirmed the cuts in an email to employees after The Wall Street Journal first reported them.
SurveyNetflix cuts jobs across multiple teams
According to a report from Wall Street Journal, the Netflix co-chief executives Greg Peters and Ted Sarandos informed employees about the job cuts via an email. The email said the company would continue investing in areas that could have a significant impact on its business while being disciplined about where it prioritises its people and resources.
Not only that, but the executives also said that Netflix would continue to invest aggressively in high-impact areas while making changes across the business. According to the executives, the company remains on track to deliver its full-year forecast despite the job cuts.
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The company has also introduced several features and content formats to keep viewers engaged. These include live channels, video podcasts, shows featuring YouTube creators, live sports and other events. Netflix has also explored bundling its service with other streaming platforms to give customers more viewing options.
The company’s previous major round of layoffs took place back in 2022 when the entertainment giant saw a decline in subscribers, with the company reporting its first quarterly subscriber loss in more than a decade.
Netflix is not the only one
Disney has also recently laid off nearly 300 employees. Human resources and technology teams were among the major departments that were affected due to the job cuts. It was Disney’s third round of layoffs this year, and the company announced the elimination of around 1,000 jobs in April. Aside from that, Amazon and Xbox have also cut jobs across divisions, affecting employees globally.
