Leading streaming platform, Netflix is set to reduce its workforce by nearly 1,000 employees, making this its biggest round of layoffs since 2022. Netflix Inc. is cutting 6% of its global staff, or about 1,000 positions, as the streaming company struggles with slowing growth.
\n\nThe job cuts mainly affect staff in the product, technology, human resources and legal divisions. Employees who are part of the downsizing received notices on Wednesday, as reported by The Wall Street Journal.
\n\nNetflix last carried out large-scale layoffs in 2022, when it reported a decline in subscribers for the first time in over ten years. Netflix eliminated about 150 positions in May that year and another 300 in June in 2022.
\n\nCo-CEOs Ted Sarandos and Greg Peters are dealing with a declining share price, which has fallen over 30 per cent in six months and more than 40 per cent in a year. Speaking at a Bloomberg event in September, Sarandos said that growth has been slower than he would like
\n\nLast week, Netflix announced its third-quarter results. Netflix’s viewership rose 2 per cent in the first half of the year to 97 billion hours.
\n\nPeters and Sarandos said Netflix would continue investing aggressively in…
Original source: https://www.timesnownews.com/business-economy
