On October 20-22, along the banks of Shanghai's Huangpu River, the 2026 Sustainable Global Leaders Conference will return. Nobel and Turing Award winners will take the stage to discuss the future and trends of technology, and the internet-famous professor who "rescues" people from anxiety and involution, Macfarlane, will hold a live dialogue with Xiang Biao!
Limited spots available, first come first served. Let us join together for the appointment with sustainability! [Click to register] Streaming giant Netflix announced on Wednesday that it will cut about 6% of its global workforce, affecting roughly 1,000 positions, making it the largest round of staff reductions since 2022, driven by slowing user growth and pressure on platform engagement.
Co-CEOs Greg Peters and Ted Sarandos said in an internal email to employees that the layoffs are mainly concentrated in product, technology, legal, and human resources teams. The two said: "Our goal to 'entertain the world' is ambitious, and to achieve it, we must remain prudent about the priorities for investing manpower and resources."
Facing declining user activity, Netflix has tried multiple measures to increase user time spent on the platform: launching live channels, advancing streaming bundle packages, introducing video podcasts and YouTube creator programs, while also expanding into live sports events. Data from research firm Antenna shows that Netflix's U.S. churn rate is only slightly above 2%, the best performance in the industry, but the stock has still fallen more than 40% over the past 12 months.
Peters and Sarandos said the company will continue to increase investment in high-value areas, but needs to make focused trade-offs across all business lines to protect the interests of users, partners, employees, and investors. This round of layoffs comes one week before Netflix is due to release its quarterly earnings, and management said its full-year profit guidance target remains unchanged.
The wave of layoffs in the technology and entertainment industries continues, with Disney and Amazon both significantly reducing staff in recent months. Netflix's previous large-scale layoff occurred in June 2022, when the company had just reported its first quarterly subscriber decline in more than a decade.
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