Netflix Announces Layoffs of Approximately 1,000 Employees Amidst Intensified Streaming Competition

Netflix is eliminating around 1,000 positions, representing about 6% of its global workforce, in its largest round of layoffs since 2022. The cuts, primarily affecting product development, technology, legal, and human resources, come as the streaming giant faces slowing growth and increased competition for viewers. Despite reporting strong second-quarter revenue, the company's third-quarter outlook fell short of Wall Street expectations, prompting a restructuring effort to control costs and reallocate resources.