Netflix announces layoff of 6 percent of its workforce in major restructuring

Netflix plans to lay off about 6% of its workforce, amounting to nearly 1,000 positions, as part of wider organizational changes announced by co-CEOs Greg Peters and Ted Sarandos.

The product, tech, legal, and human resources teams will be the most impacted by the cuts, which mark the streaming giant's biggest round of layoffs in years.

Despite reporting $3.4 billion in profit and $12.56 billion in revenue during its second financial quarter, Netflix's forecast for the third quarter fell below Wall Street expectations.