Updated

Netflix announced it will lay off approximately 1,000 employees, representing six percent of its workforce—the company's largest single round of layoffs to date. The decision was communicated by co-CEOs Ted Sarandos and Greg Peters in an internal memo, with the majority of cuts affecting the product, technology, legal, and human resources departments. The layoff comes as Netflix faces intensifying competition for user attention in the streaming market. The action follows earlier workforce reductions of 150 employees in May 2022 and 300 in June 2022, as Netflix continues to pursue cost-reduction strategies amid evolving business conditions and competitive pressures in the entertainment streaming sector.