This is the biggest round of job cuts at the streaming giant since 2022
Human resources (HR) roles will be hit in Netflix's biggest round of layoffs in four years, according to reports.
The streaming giant is cutting about 1,000 jobs, or about six per cent of its total workforce, in a move that will hit its HR, product, technology and legal divisions, the Financial Times reported.
Ted Sarandos and Greg Peters, co-CEOs of the streaming giant, announced the cuts in a memo obtained and reported by various news outlets.
"Our mission - to entertain the world - is ambitious, and delivering on it requires us to be disciplined about where we prioritise our people and resources," Sarandos and Peters said in the memo quoted by CNBC.
"Our business is strong and growing, and we remain on track to deliver our full year forecast. We'll continue to invest aggressively in high impact areas to improve our service and further drive growth and innovation.
"Doing that means making focused choices across the business so we can keep delivering for our members, partners, employees, and investors."
Biggest layoffs since 2022
This is the biggest round of retrenchments at the streaming giant since it laid off around 450 employees in two separate rounds of job cuts in 2022.
The latest round of layoffs at Netflix comes after Sarandos admitted in September that the streaming platform is "not growing as fast" as they want it to.
"We're working on making that move faster," he added.
Netflix, however, continues to post solid growth and its co-CEOs said they are still on track to meet the company's full-year financial forecast. The company will report its quarterly earnings on 20 October.
The cuts at Netflix come after Disney also announced that it will be laying off around 300 employees, with HR and tech roles to be affected the most.
