Netflix to lay off roughly 1,000 employees

Netflix plans to lay off roughly 1,000 employees, with the cuts expected to land mainly in business functions rather than content creation. Co-CEO Ted Sarandos acknowledged last month, in a Bloomberg interview, that the company isn’t growing as fast as he would like. A source told Axios that the reductions will mostly affect human resources, product, technology, and legal teams. In a staff note obtained by Axios, Sarandos and co-CEO Greg Peters said they aim to meet full-year investor expectations, framing growth goals as requiring “focused choices” across the business. The note also urged staff to stay engaged despite the difficulty.