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Netflix cuts about 1,000 jobs including film executives
The Hindu BusinessLine··2d ago
Netflix laid off senior film and television executives in cuts covering about 1,000 people, or roughly 6 percent of staff. Among those let go were Doug Belgrad and Carolina Garcia, who worked on Stranger Things and 13 Reasons Why. Co-CEOs Ted Sarandos and Greg Peters said the firm would keep investing in growth areas. Results are due on October 20.
Prism
What It Means For You
- Cuts fell heavily on tech, legal, human resources and product teams as well as content executives.
- Fewer development and acquisition staff can slow how quickly new series and films are greenlit.
- Investors will see the next financial snapshot when Netflix reports on October 20.
What's Happening
- The layoffs also hit series development, independent film acquisition and publicity roles.
- A company spokesperson declined to comment on the individual exits.
- Analyst Craig Huber noted total viewing hours rose 2 percent in the first half to 97 billion hours.
Why Engagement Is in Focus
- Netflix stock has lost about 25 percent of its value this year as revenue growth slowed.
- Sales are expected to climb 11.9 percent to $12.88 billion, the slowest rise in three years.
- Netflix plans to publish its engagement report once a year from 2027 instead of every six months.
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