Netflix reports higher third-quarter profit amid layoffs and executive ousters

The short version

• Netflix reported third-quarter revenue of $12.9 billion, up 12% year over year, and net income of nearly $3.7 billion, up 48%.[NBC News]
• The company laid off roughly 1,000 employees, or 6% of its workforce, last week and ousted Chief Content Officer Bela Bajaria and film executives Dan Lin and Doug Belgrad.[NBC News]
• Co-CEO Ted Sarandos named former Disney and Fox executive Peter Rice to replace Bajaria, and Netflix lowered its annual advertising forecast to $2.7 billion from $3 billion.[NBC News · Business Insider]
• Co-CEO Greg Peters said engagement is solid, but the available reporting does not establish how these changes will affect future results.[NBC News]

Key facts

• Netflix reported third-quarter revenue of $12.9 billion, up 12% year over year.[NBC News]
• Third-quarter net income rose 48% to nearly $3.7 billion.[NBC News]
• Netflix laid off roughly 1,000 employees, or 6% of its workforce, last week.[NBC News]
• Netflix ousted Chief Content Officer Bela Bajaria and film executives Dan Lin and Doug Belgrad.[NBC News]
• Co-CEO Ted Sarandos tapped former Disney and Fox executive Peter Rice to step into Bajaria's role.[NBC News]
• Netflix lowered its annual advertising forecast from $3 billion to $2.7 billion, citing a slower-than-expected rollout of its ad products.[Business Insider]
• Co-CEO Greg Peters said engagement is solid and will allow the company to keep growing, while acknowledging room for improvement.[NBC News]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

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