Netflix to Cut 1,000 Jobs — 6% of Its Workforce

Netflix, the world's biggest video streaming service, is cutting about 1,000 jobs — around 6% of its total staff — according to a company memo shared with employees.

The cuts will mostly hit teams working in product, technology, legal, and human resources (the department that manages hiring and employees).

In their message, Netflix's co-CEOs (co-chief executive officers — the two top bosses running the company) Ted Sarandos and Greg Peters said the business is "strong and growing" but that they need to be "disciplined" about where they put their people and money.

Here are the key facts:

• About 1,000 employees will lose their jobs
• That's roughly 6% of Netflix's workforce
• Most cuts affect product, tech, legal, and HR teams
• Netflix reports its next earnings (official financial results showing profit and sales) on October 20

Why is this happening if the company is making money? Netflix is facing a tricky situation. It still earns solid profits and leads the streaming market, but the amount of time people spend watching has leveled off. Recent subscriber growth came mainly from its crackdown on password sharing and a new cheaper, ad-supported plan (a lower-priced subscription that shows commercials).

Competition is heating up, too. YouTube is Netflix's biggest rival, and a newly combined company — Skydance, which merges Paramount and Warner Bros. Discovery — plans to join its streaming services Paramount+ and HBO Max into a stronger competitor.

Netflix has tried to stay ahead by adding live sports, documentaries, and video games, but it hasn't had a huge hit like "Stranger Things" or "Squid Game" lately to pull in new viewers.

Netflix isn't alone in trimming staff. Last month, Disney said it would cut around 300 jobs, mostly in HR and tech roles.

The bottom line: Even profitable, successful companies sometimes cut jobs to stay lean and focus their money on growth. Netflix says it remains on track to hit its yearly financial goals — but slowing viewer growth and rising competition are pushing it to tighten its belt.

This is an AI-generated summary. Read the original article at: https://www.cnbc.com/2026/10/14/netflix-layoffs.html