Netflix and eBay are cutting roughly 2,000 jobs between them, adding two household names to a tech layoff wave that has now passed 190,000 lost jobs this year, Newsweek reported, citing the TrueUp tracker.
The cuts land as workers across the industry wonder whether they are next. Yet nationwide layoff numbers have stayed relatively low, which shows how concentrated the pain is in tech.
What each company is doing
Netflix is letting go of about 1,000 people, roughly 6% of its workforce. The cuts hit product, tech, legal and human resources teams and mark the streamer’s biggest reduction since 2022, according to The Cinema Group. The announcement came about a week before Netflix reports third-quarter earnings. Netflix has not said which specific teams lost the most people. Days earlier, one layoff tracker reported, Netflix also removed its content chief, Bela Bajaria, and handed her job to Peter Rice.
eBay is cutting about 9% of its staff, around 1,000 jobs, in its second round of layoffs this year.
A bigger pattern
Newsweek notes that tech companies are cutting jobs faster than most industries, and that tech accounts for a large slice of all layoffs reported in the U.S. The trend does not stop at the biggest brands. The AI startup Character.AI filed for bankruptcy, and Disney offered jobs to 66 of its employees. By mid-October, 56 of those workers had already resigned from Character.AI.
Many of the cuts reflect a bet that companies can do more with fewer engineers and more automation. Some jobs will genuinely change because of AI, Newsweek says.
What workers should watch
The next government jobs report arrives Friday, Nov. 6, and will show whether the cuts are spilling into the wider labor market. Until then, layoff trackers and state WARN notices, which companies must file before large cuts, are the quickest signals. The same pressure on spending is rattling investors, a story we followed in our report on Meta, Tesla and the AI spending fears hitting the Nasdaq.
