Netflix Lays Off Over 1,000 People, Around 6% of the Workforce

Netflix has laid off over 1,000 staff in its biggest cutbacks to date, amounting to around 6% of its workforce. The cuts will predominantly affect its product, technology, legal and HR teams.

“Our mission — to entertain the world — is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources,” co-CEOs Ted Sarandos and Greg Peters wrote in an email to employees, via WSJ.

“Our business is strong and growing, and we remain on track to deliver our full-year forecast. We’ll continue to invest aggressively in high-impact areas to improve our service and further drive growth and innovation. Doing that means making focused choices across the business so we can keep delivering for our members, partners, employees, and investors.”

Despite having a range of beloved exclusives, Netflix has struggled to keep up with audience demand lately, with some accusing it of adopting a quantity over quality approach. …