Overview
- The company told staff in a memo Wednesday that it will eliminate roughly 1,000 jobs, about 6% of its roughly 16,000 employees, with the biggest impacts in product, technology, legal and human resources.
- Co‑CEOs Ted Sarandos and Greg Peters framed the move as a reallocation of resources to higher‑impact priorities and said Netflix remains on track to meet its full‑year forecast.
- Leadership said it will offer support to affected employees and that managers will provide country‑specific transition details to those who are leaving.
- The cuts respond to slower engagement growth — Netflix reported about 97 billion viewing hours in the first half of 2026, a 2% rise year over year — and come one week before the company’s Oct. 20 third‑quarter earnings release.
- Analysts and reporters note the move fits a wider industry pattern of cost trimming at major media companies and could shift Netflix’s focus toward ad revenue, live events and other experiments meant to drive viewer time and revenue.