Entertainmentupdated 1h ago2 min read
Netflix Lays Off About 1,000 Employees, Cutting 6% Of Workforce
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Netflix confirms roughly 1,000 layoffs, about 6% of global staff. Cuts primarily affect product, technology, legal, and human resources teams.
1,000 Job Cuts Announced
Netflix said on Wednesday it will lay off roughly 6% of its employees, or roughly 1,000 workers, according to a memo obtained by CNBC.
Netflix co-CEOs Ted Sarandos and Greg Peters wrote in the email to employees, "Our mission - to entertain the world - is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources,".
Netflix said the job cuts will largely impact the product, tech, legal and HR teams, and the company is due to report quarterly earnings on Oct. 20.
Netflix initiated the layoffs Wednesday, eliminating about 6% of its global staff or some 1,000 jobs for its biggest round of job cuts in four years.
Decisions like these are never easy, and we don’t take them lightly,".
Memo Frames the Rationale
Netflix told employees it would continue to invest aggressively in high-impact areas, and it said it remains on track to deliver its full year forecast, according to CNBC. Sarandos told attendees at the Bloomberg Screentime conference the company was "not growing as fast as I want." Netflix co-CEOs Ted Sarandos and Greg Peters justified the decision in a memo, and it quoted them saying, "Our mission—to entertain the world—is ambitious, and fulfilling it requires us to be disciplined about where we prioritize our people and our resources,".
Netflix’s leadership assured the business "remains strong" and on track to meet its financial forecasts for the year. 20Minutos reported that the memo delivered to staff this morning said the decision responds to the need to concentrate resources where they matter most.
Earnings, Competition, and Fallout
Netflix’s layoffs come just a week before the Los Gatos, California-based company reports its quarterly financial results, slated for October 20, according to 20Minutos.
Deadline said Netflix’s share price dropped more than 40% over the past year, and it described the stock as trending down about 1% in late-morning trade today at just under $70.
Business Insider said Wall Street cares about Netflix’s competition with YouTube, and it argued that Netflix’s position at the top of paid streaming services remains unchanged.
Netflix’s biggest threat has been YouTube, but looming on the horizon is Skydance, and it described Paramount and Warner Bros. Discovery plans to integrate Paramount+ and HBO Max.
Netflix’s revenue in the second quarter of 2026 rose 13.4% to $12.56 billion, and it described the layoffs as coming as Netflix tries to reverse a revenue slowdown.