Netflix announces the elimination of 1,000 jobs, or 6% of its workforce

Netflix plans to cut around 1,000 jobs, or 6% of its workforce, due to slowed growth and a revenue increase of only 13.4% in the second quarter. The streaming platform is experiencing a deceleration in growth and a decline in viewer engagement, prompting cost-cutting measures. CEOs Ted Sarandos and Greg Peters stated that this move is part of a strategy to discipline personnel and resources amid financial pressures.