According to an informed source, Netflix is laying off approximately 1,000 employees, which represents the largest round of layoffs for the company since 2022.

This streaming media giant has mainly made cuts to its staff in the product, technology, human resources, and legal teams. The person mentioned that employees affected by this reduction were notified on Wednesday.

The Wall Street Journal was the first to report this news.

In recent weeks, other media giants have also been laying off employees. NBCUniversal stated at the beginning of October that it would lay off hundreds of employees in global streaming technology; Disney, on the other hand, conducted its third round of layoffs within six months at the end of September.

Netflix This round of layoffs occurred a week before the company announced its third-quarter financial results. The company will release its performance after the market closes on October 20th. Netflix The last major round of layoffs was in 2022, when the company experienced a slowdown in growth for the first time in over a decade.

Co-CEOs Ted Salandos ( Ted Sarandos ) and Greg Peters ( Greg Peters ) are facing the issue of weak stock prices. Over the past six months, the stock price of Netflix has fallen by more than 30%; over the past year, it has fallen by more than 40%.

At a Bloomberg event at the end of September, Salandos stated: "Our growth rate is not as fast as I would like, and we are working hard to accelerate this process."

Netflix Last quarter's earnings met Wall Street's expectations, but the company stated that it will change the frequency of its engagement reports from twice a year to once a year. Netflix To shareholders, it was said: "Engagement is not just about the duration of viewing; it also refers to the quality and diversity of our product offerings."

According to Netflix, the number of viewers increased by 2% in the first half of this year. The company's total viewing hours, which amount to 9.7 billion hours, are likely to be much higher than those of its paid streaming media competitors, who have not disclosed engagement data in the same way.