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Fortune

Business

Nick Lichtenberg

25 years ago, Netflix laid off a third of its employees and learned a lesson about 'talent density.' New cuts will test whether it still works

Netflix Reed Hastings Layoffs Ben Thompson Ted Sarandos Greg Peters Marc Randolph Warner Bros. Discovery

netflix (Credit: LISA O'CONNOR / AFP via Getty Images)

Sometime after Netflix’s 2001 layoffs, Patty McCord told Reed Hastings she was having a blast.

The company was broke and couldn’t hire. The people left were doing twice the work. Nobody was arguing or complaining.

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