Netflix cuts 6% of workforce as growth slows
The streaming company is restructuring its programming division following slower revenue growth in recent quarters.
At a glance
- Netflix is laying off 6% of its workforce
- Revenue growth has slowed at the streaming company
- The company is restructuring its programming division
Netflix has announced layoffs affecting 6% of its workforce, according to the company's latest quarterly earnings report. The cuts come as the streaming service faces slowing revenue growth.
The company is undertaking an overhaul of its programming unit as part of its broader restructuring efforts.
Why it matters
The layoffs reflect challenges facing major streaming platforms as market growth moderates and competition intensifies in the sector.
Original reporting
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