Netflix is cutting approximately 1,000 jobs, representing 6% of its staff, in its most significant layoffs since 2022. These reductions will primarily affect product, tech, legal, and human-resources departments. The company maintains that its business is strong and on track to meet its annual forecast despite facing increased competition. Co-CEOs Greg Peters and Ted Sarandos stated that this move reflects a need to prioritize people and resources effectively to fulfill their mission of entertaining the world.