Netflix cutting workforce as its revenue growth slows

What happened: Netflix is laying off roughly 6% of its workforce, per a memo to employees obtained by CBS News. The cuts affect product, technology, legal and human resources departments. Key numbers: About 6% of staff. WSJ reported roughly 1,000 positions globally, the largest reduction since 2022. Why it matters: Co-CEOs Ted Sarandos and Greg Peters said the business remains on track for its full-year forecast and will keep investing in high-impact areas. Netflix faces slowing growth, rising streaming competition and a saturated North American market. Coverage: 3 outlets in 24h

Netflix is laying off roughly 6% of its workforce, per a memo to employees obtained by CBS News. The cuts affect product, technology, legal and human resources departments.

Co-CEOs Ted Sarandos and Greg Peters said the business remains on track for its full-year forecast and will keep investing in high-impact areas. Netflix faces slowing growth, rising streaming competition and a saturated North American market.