Business · Updated 15 Oct, 10:53 am IST

Netflix to cut about 6% of workforce, nearly 1,000 jobs

Why it matters for readers: It explains why a major streaming service is shrinking parts of its staff despite recent profit growth.

Netflix will eliminate about 6% of its workforce, roughly 1,000 positions.1
Co‑CEOs Greg Peters and Ted Sarandos communicated the cuts in a memo to employees obtained by the Associated Press.1
The company said product, tech, legal and human resources teams would be the most affected.1
Netflix said it needs to be disciplined about prioritizing people and resources as it invests in future growth and high‑impact areas.1
Despite stronger profit and revenue this year, Netflix’s third‑quarter forecast came in below Wall Street expectations.1

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