Netflix is cutting about 1,000 jobs, or 6% of staff, in a restructuring that revives questions about the company’s long-held idea of talent density. The move comes as growth slows and the shares have fallen this year.
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01Summary
- 01Netflix announced on Wednesday that it is eliminating roughly 1,000 jobs, about 6% of its workforce.
- 02The cuts are mainly in product, technology, legal and human resources, the department once led by Patty McCord.
- 03Netflix’s stock is down 22% this year and 42% over the past 12 months.
- 04The company lost a bidding war for Warner Bros. Discovery in February.
- 05In 2001, Netflix laid off a third of its roughly 120 employees during the dot-com downturn.
02Why it matters
The cuts may affect how Netflix is run and whether its culture of talent density still supports growth. Investors will also be watching to see if restructuring helps the company recover after a weak share-price run.
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