Netflix to cut about 1,000 jobs, 6% of workforce, in largest layoff to date

Netflix said it will lay off approximately 1,000 employees, representing about 6% of its global workforce, in its largest reduction of staff to date. The cuts will primarily affect the company’s product, technology, legal and human-resources teams, according to an internal memo shared by co-CEOs Ted Sarandos and Greg Peters.

"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," the memo read.

The streaming service, which reported $45.2 billion in revenue and $11 billion in net income for 2025, said its business remains strong and it is on track to meet its full-year financial forecast for 2026, projecting revenue of $51.0-$51.4 billion and an operating margin of 31.5%.

"We’ll continue to invest aggressively in high-impact areas to improve our service and further drive growth and innovation," Sarandos and Peters added.

Netflix, which employs about 16,000 full-time staff, last carried out a major layoff in 2022, when it cut roughly 450 positions after a subscriber decline. The company has also made smaller reductions earlier in 2026.

The firm is scheduled to release its third-quarter 2026 earnings on Oct. 20. Shares were trading at $70.26, down 0.3% in early Wednesday trading.