Netflix confirmed it is eliminating 6% of its global headcount, amounting to approximately 1,000 positions. This restructuring highlights the company’s continuing struggle to maintain its dominant market position as streaming competition intensifies. Investors reacted swiftly, pushing shares of the streaming platform lower throughout the trading session.

The broader sector sentiment remained bearish, with Skydance shares also suffering a notable decline. Elsewhere in the industry, Swisscom secured a legal victory, successfully overturning an antitrust ruling that had previously hampered its ambitious fiber-network expansion plans.