Netflix said it would lay off about 6% of its workforce, according to a memo to employees obtained by CBS News.
Netflix co-CEOs Ted Sarandos and Greg Peters wrote in the statement that the cuts will affect the company’s product, technology, legal and human resources departments.
“Our business is strong and growing, and we are on track to meet our full-year forecast,” Sarandos and Peters said. “We will continue to invest aggressively in high-impact areas to improve our service and further drive growth and innovation. Doing so means making focused choices across the business so we can continue to serve our members, partners, employees and investors.”
Netflix declined to comment further on the planned layoffs.
The news first appeared in the Wall Street Journal. Netflix’s layoffs will affect about 1,000 positions worldwide, making it the company’s largest workforce reduction since 2022, the news outlet said.
Netflix had approximately 16,000 full-time employees as of December 2025, according to its securities filing.
Although Netflix remains highly profitable, its growth has slowed in recent years as competition from other streaming platforms increases and the North American market becomes saturated.
According to S&P Capital IQ, Netflix has revenue of approximately $45 billion in 2025. This was up 16% from the previous year but was slower than the company’s annual revenue growth before the pandemic.
Netflix is still trying to spur audience growth. S&P Global estimates Netflix had 327.7 million subscribers at the end of last year, up 8.6% from the previous year.
Netflix shares, which traded at just under $70 apiece on Wednesday, have fallen nearly 43% over the past 12 months. The company is scheduled to release its next earnings report on October 20.