Netflix is laying off about 6% of its employee base, or close to 1,000 staff, the company confirmed. The streaming giant stated that most of the cuts would affect its product, tech, legal, and human resources departments. Despite the layoffs, Netflix emphasized that it will “continue to invest aggressively in high impact areas” to improve its service and is on track to deliver its full-year forecast.
Company Background
As of the end of last year, Netflix had 16,000 full-time employees, according to its annual filing with regulators. The Wall Street Journal first reported the news, citing an internal memo sent to employees. In the memo, the company’s co-CEOs Ted Sarandos and Greg Peters wrote:
““Our mission—to entertain the world—is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources.”
