Netflix lays off about 1,000 employees, 6% of its workforce

Mixed · 2Netflix began laying off about 1,000 employees, around 6% of its workforce, on Wednesday 14 October 2026. 1 2 Left · 2Co-CEOs Ted Sarandos and Greg Peters announced the cuts in a memo to staff on Wednesday morning, and the Wall Street Journal reported them first. 3 1 Mixed · 3Netflix confirmed the cuts to TechCrunch, and NBC News cites a source with knowledge of the matter who said the Journal's report was accurate; Netflix had about 16,000 full-time employees at the end of 2025. 4 5 6

Left · 1The Verge says a report the previous week had put the planned cut at five percent of the company. 7 Mixed · 2Variety, NBC News, TechCrunch, The Independent and The Verge all report that most of the affected workers are in Netflix's product, technology, legal and HR teams. 5 4 Mixed · 2The memo said the company must be "disciplined about where we prioritize our people and resources", and that its business is "strong and growing" and on track to meet its full-year forecast. 1 2

Centre · 1The memo also said the process will vary by country and that leaders would soon contact affected employees, and that Netflix will keep investing aggressively in high-impact areas. 2 Mixed · 2Netflix film vice president Doug Belgrad, hired in May 2024 by film chief Dan Lin, is leaving as part of the layoffs, which Deadline says the streamer confirmed. 8 9 Mixed · 2Outlets differ on scale: Variety calls it Netflix's biggest layoff to date, while Deadline, The Hollywood Reporter, The Straits Times and The Independent call it the biggest since 2022; The Verge notes the 2022 cuts were 150 jobs in May and 300 in June, so this is the largest round so far. 6 7

Centre · 1Deadline says the cuts were expected, and that Netflix's share price has fallen more than 40% over the past year as investors scrutinised viewer engagement, which rose only 2% in the first half of the year. 2 Centre · 1Deadline also cites Netflix's unsuccessful bid for Warner Bros. assets, a long stretch without a breakout series, and a third-place finish at the Emmys; executives have denied that the bid showed a need for a major deal to keep growing. 2 Left · 1The Independent, citing Reuters, says Netflix shares are down about 25% so far this year and gained 0.7% on Wednesday, a different measure from Deadline's 40% fall over the past year. 10

Mixed · 2Reuters-sourced coverage adds that Netflix lost the bidding for Warner Bros Discovery's streaming and studio assets to Paramount Skydance, which completed its US$110 billion acquisition earlier in October, and that competition from YouTube and TikTok for viewing time has worried investors. 6 10 Left · 1The Hollywood Reporter notes that Sarandos said on 30 September that "we're not growing as fast as I want us to", and that Netflix remains profitable and the largest subscription streamer, though its viewing time has stagnated. 3 Left · 1NBC News notes other studios are also trimming costs: Disney has cut hundreds of jobs this year under new CEO Josh D'Amaro, according to a source, and Skydance is widely expected to shrink its Paramount and Warner Bros. Discovery workforce. 5

Centre · 1Netflix reported 2025 revenue of $45.2 billion and ad revenue above $1.5 billion. 4 Left · 1Netflix is due to report third-quarter earnings next week. 3