Netflix announced it is cutting about 6% of its staff, roughly 1,000 positions, its largest layoffs since 2022, focused on product, HR, tech and legal departments, according to an email from co-CEOs Ted Sarandos and Greg Peters. The move comes as its audience wanes and its stock has been beaten down; Nielsen data shows Netflix's share of U.S. TV viewing time fell from 8.8% a year ago to 7.8%, while YouTube rose from 13.4% to more than 14%. The article speculates the cuts may be linked to AI-driven productivity, though Netflix has not given a reason, and notes the company reports results on Tuesday. Shares initially rose on the news before reversing to virtually unchanged.
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