Netflix confirmed to TechCrunch it is cutting close to 1,000 employees, about 6% of its workforce, with most cuts in product, technology, legal and human resources. In a memo reported by the Wall Street Journal, co-CEOs Ted Sarandos and Greg Peters wrote that delivering on the company's mission "requires us to be disciplined" about where it puts its people and resources.
Netflix said it remains on track for its full-year forecast. TechCrunch's article does not say AI was a reason, though Fortune framed the layoff in its tech newsletter alongside falling tech stocks and AI return-on-investment worries. The cuts follow Netflix's loss to Paramount Skydance in a bidding war for Warner Bros. Discovery's streaming and studio businesses.
Source: TechCrunch