Netflix is cutting about 1,000 jobs worldwide, around 6% of its workforce, in its steepest reduction since 2022, the BBC reported.
The company confirmed to TechCrunch that most of the cuts will fall on its product, technology, legal and human resources teams. Netflix had about 16,000 full-time employees at the end of last year, according to its annual filing.
In an email to staff, co-chief executives Ted Sarandos and Greg Peters said Netflix would "continue to invest aggressively in high-impact areas" and that it remained on track to meet its financial forecasts. Managers will tell affected staff soon.
The move comes as the streaming industry consolidates and free platforms such as YouTube and TikTok compete for viewers' time. Netflix lost out to Paramount in the race for Warner Bros, the BBC noted, and Sarandos said last month the company was "not growing as fast as I want us to".
Netflix shares are down about 25% this year, Investopedia reported. The company reports third-quarter results on 20 October. Its last major round of layoffs, in 2022, cut about 450 jobs after it lost subscribers for the first time in more than a decade.