Netflix cuts about 6% of jobs in biggest layoff since 2022, WSJ reports

Oct 14 (Reuters) - Netflix ‌is cutting ​about ​6% of its workforce, or roughly 1,000 jobs, in its biggest round ‌of layoffs since 2022, the Wall Street ⁠Journal reported on Wednesday, citing an email sent ‌to employees.

The streaming giant's ‌layoffs come as it faces intense competition for users' time in a consolidated media ​market.

The bulk of the job cuts would be in the streaming giant's product, tech, ⁠legal and human-resources teams, the report said, citing the email ​to employees by Co-Chief Executives Greg Peters and Ted Sarandos on Wednesday morning.

Netflix ​did not immediately respond ‌to Reuters' request for comment.

The company had about 16,000 full-time employees ⁠at the end of last year.

The streaming company has been expanding beyond its subscription business, investing ⁠in advertising, live programming and gaming to diversify its ​revenue sources.

Netflix lost out to Paramount Skydance in the bidding war for Warner Bros Discovery's streaming and studio ‌assets earlier this year.

Paramount completed its $110 billion acquisition of Warner Bros ‌earlier this month to form Skydance, a ⁠media giant with a ‌portfolio of leading ​news and film studios.

(Reporting by Prathik Jayaprakash in Bengaluru; Editing by Leroy ‌Leo)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Netflix cuts 1,000 jobs as streaming giant seeks to boost engagement
• Russian attack on Ukraine's western city of Lutsk kills three, governor says
• Two Singapore-registered vessels struck in Strait of Hormuz; one sinks