Netflix announces cut of nearly 1,000 jobs, its biggest layoff since 2022

Netflix will eliminate about 6% of its workforce – roughly 1,000 positions – across product, technology, legal and HR, according to a memo from its co‑CEOs on 14 October 2026.

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Netflix confirmed it is cutting close to 1,000 jobs, representing roughly 6% of its global staff, in the largest reduction since 2022.

Co‑CEOs Greg Peters and Ted Sarandos communicated the decision to employees in a memo dated 14 October 2026, noting that most affected roles are in product, technology, legal and human resources.

The company, which had about 16,000 full‑time employees at the end of 2025, said the cuts reflect a reversal of a hiring surge that added roughly 3,000 staff since 2023.

Netflix described its financial position as strong, citing a revenue growth target of 13%‑14% for 2026 and an operating margin of 31.5%, set in its July results letter.

Despite the optimistic outlook, revenue growth has been slowing, with second‑quarter revenue up 13% and a third‑quarter forecast of about 12% that fell short of Wall Street expectations, prompting an 8% share price decline.

The memo indicated that the layoff process will vary by country and that affected employees will be contacted soon, though Netflix declined to provide further comment beyond the memo.

The upcoming third‑quarter results, scheduled for 20 October 2026, will test the company’s claim of being on track with its growth and margin targets.