Netflix reportedly lays off about 6% of its global workforce, affecting around 1,000 positions

According to the Wall Street Journal, Netflix (NFLX.US) is cutting about 6% of its global workforce, affecting around 1,000 positions. This is the company's largest round of layoffs since 2022, prompted by slowing growth and declining user engagement. Co-CEOs Greg Peters and Ted Sarandos said in an email to employees that the layoffs mainly affect the product, technology, legal, and human resources teams. According to Antenna data, Netflix's churn rate in the U.S. is just over 2%, significantly lower than other industry companies. However, its share price has dropped more than 40% in the past 12 months. Netflix is not alone in cutting staff; other companies in the technology and entertainment sectors are also reducing their workforce. Disney and Amazon have both implemented significant layoffs in recent months.