24 Hrs
Source:
Sky News
Netflix reduces staffing by 6%
Netflix announced its intention to lay off approximately 6% of its staff, which translates to around 1,000 jobs, as part of organizational changes aimed at improving focus on future growth, prioritizing hiring, and resource allocation. The CEOs emphasized that this decision comes despite the company's strong performance, as it is necessary to achieve investment discipline and sustainable growth. Although Netflix posted a profit of $3.4 billion in the second quarter—a 9% increase year-over-year—its outlook for the third quarter was below Wall Street expectations, amid ongoing competition from services like Amazon and Disney Plus.
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