Netflix Cuts 6% of Staff in Biggest Layoffs Since 2022
NFLX is trading near its 52-week low of $65.08 (9.0% above the low).
Summary
Netflix is eliminating about 1,000 jobs, or 6% of its workforce, its largest layoff round since 2022. The cuts hit product, tech, legal, and HR teams as the company grapples with slowing growth and engagement. The announcement comes a week before its next quarterly earnings report, with management saying it remains on track to meet full-year guidance. This follows a July earnings report that showed narrowing revenue guidance and a 7.3% share drop. The layoffs signal cost discipline amid a 40% share decline over the past year.
At the time of this announcement, NFLX was trading at $70.95 on NASDAQ in the Technology sector, with a market capitalization of approximately $293.4B. The 52-week trading range was $65.08 to $124.86. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.