Netflix to lay off 1,000 employees amid slower growth and rising competition: Report

Netflix will lay off around 1,000 employees, about 6% of its workforce, according to a WSJ report that cited an internal memo sent to employees on Wednesday. The cuts will mainly affect the company’s product, technology, legal and human resources teams.

Netflix co-chief executives Ted Sarandos and Greg Peters informed employees about the decision in an email, according to The Wall Street Journal (WSJ). The executives wrote, “Our mission, to entertain the world, is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources.”