Netflix is laying off about 1,000 employees, about 6% of its staff. Workers were notified Wednesday.
2022 was the last time Netflix made cuts this large.
Product, tech, HR and legal teams take most of the cuts.
30%-plus stock decline over six months; over 40% in a year.
Co-CEOs Ted Sarandos and Greg Peters announced the layoffs by memo.
Why it matters: Netflix remains profitable and leads subscription streaming, but its viewing time has stalled in recent months. Advertising is a key growth area, and it depends on engagement.
Sarandos said in late September, "we're not growing as fast as I want us to."
7.8% of US TV viewing in July, down from 9% in December.
NBCUniversal and Disney have also cut streaming and media jobs recently.
