AssetID: 56089490
Headline: UNCAPTIONED: Netflix Cuts 6% of Workforce in Biggest Layoff Since 2022
Caption: Netflix Cuts 6% of Workforce in Biggest Layoff Since 2022. Netflix is cutting about 1,000 jobs, six percent of its workforce, in the biggest layoffs since 2022. Most reductions will affect product, technology, legal and human resources teams, according to an internal memo. Co-CEOs Greg Peters and Ted Sarandos said Netflix remains strong and on track to meet forecasts. Netflix shares have fallen about 25 percent this year as investors question future growth prospects increasingly. Competition from YouTube and TikTok has intensified as free user-generated content attracts more viewer attention globally. Analysts say Netflix remains heavily reliant on subscriptions and needs additional revenue sources to diversify further. The company is expanding advertising, live programming and gaming as it searches for new growth opportunities. Netflix last made major job cuts in 2022 after losing subscribers for the first time in years. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,Netflix,layoffs,1,000 jobs,workforce reduction,Greg Peters,Ted Sarandos,technology teams,Netflix shares,YouTube,TikTok,streaming competition,subscriptions,advertising,live programming,gaming
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