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00:02Netflix is cutting 6% of its global workforce, or roughly 1,000 jobs, in its largest round of
00:08layoffs since 2022 amid slowing growth and declining customer engagement, according to
00:13The Wall Street Journal. Co-CEOs Greg Peters and Ted Sarandos announced the cuts Wednesday,
00:18primarily targeting product, technology, legal, and human resources teams. The layoffs come as
00:23the streaming giant has expanded into live sports, video podcasts, and YouTube creators' shows to
00:28boost engagement. The company has also introduced live programming channels and streaming bundles.
00:34Netflix shares have fallen more than 40% over the past year, although its U.S. customer
00:38defection rate remains the industry's lowest at just over 2%. Executives said the company
00:44remains on track to meet its full-year earnings forecast ahead of Netflix's quarterly earnings
00:48report. For all things money, visit Benzinga.com.
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