1 Day
Source:
Los Angeles Times
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Netflix to Cut Staff Significantly
Netflix plans to lay off approximately 5% of its workforce, mainly targeting the creative team involved in feature productions, due to increased competition and pressure to boost subscriber engagement. This reduction could impact around 800 employees and is considered the company's largest layoff since 2022. The move comes as Netflix faces challenges with slow growth in viewer hours and declining stock prices amid rising content spending and intensified industry competition.
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