Netflix is cutting about 1,000 jobs, roughly 6% of its global workforce, in its largest round of layoffs since 2022. Co-CEOs Greg Peters and Ted Sarandos told employees in a memo on Wednesday, 14 October 2026. Here is what has been reported so far.
What Netflix Announced
The company is reducing about 6% of its staff, which reports put at around 1,000 people out of a workforce of about 16,000 at the end of last year. The cuts were first reported by the Wall Street Journal and Reuters. Most of the roles affected are in product, technology, legal and human resources.
Netflix has not been reported to have shared severance details publicly.
How It Compares With 2022
In 2022 Netflix cut about 450 jobs across two rounds, after it reported its first subscriber losses in years. The new round is more than double that total and is the biggest single reduction at the company since then.
What Netflix Says
Netflix has described the move as a matter of prioritising people and resources more carefully. In a statement it said its business is strong and growing, and that it remains on track to deliver its full-year forecast.
Why the Cuts Are Happening
Netflix has not framed this as a sign of trouble, but analysts and media reports point to several pressures:
- Slower growth. A month ago Sarandos said the company is “not growing as fast as I want us to.”
- Competition for attention. Legacy media rivals and free platforms such as YouTube and TikTok compete for the same viewing time and carry lower costs.
- Strategy questions. Netflix lost its bid for Warner Bros. Discovery assets to Paramount Skydance, which some analysts see as a setback.
- Costly live programming. Live content reportedly takes about 5% of its $20 billion annual content budget but draws only about 1% of viewing.
Netflix has been trying to diversify through an ad-supported tier, live events and gaming.
Investor Reaction
Shares were roughly flat to slightly higher on the day, after a year in which they have fallen by more than a fifth. A day earlier, Huber Research downgraded the stock from overweight to underweight and cut its 12-month price target from $85 to $70. Netflix is due to report third-quarter results on Tuesday, 20 October.
What to Watch Next
- Whether the 20 October earnings report confirms the company’s full-year forecast.
- Any detail on severance, timing and which regions are affected.
- Whether Netflix changes its spending on live programming or content.
Frequently Asked Questions
How many jobs is Netflix cutting?
About 1,000 jobs, or roughly 6% of its global workforce, according to media reports.
Which teams are most affected?
Reports say most of the cuts are in product, technology, legal and human resources.
Is this the biggest Netflix layoff ever?
It is the largest since 2022, when Netflix cut about 450 jobs in two rounds.
Does Netflix say its business is in trouble?
No. The company says its business is strong and growing and that it remains on track for its full-year forecast.
When does Netflix report its next earnings?
Third-quarter results are due on Tuesday, 20 October 2026.
The layoffs come as Netflix tries to balance cost discipline with investment in ads, live events and gaming. The upcoming earnings report should show whether that strategy is working.
