Netflix Announces Layoffs Affecting Around 1,000 Employees
In a memo sent to employees on October 14, 2026, Netflix co-CEOs Ted Sarandos and Greg Peters announced layoffs affecting approximately six percent of the company's workforce—around 1,000 employees. This marks the largest round of job cuts in Netflix’s history, surpassing previous reductions totaling around 450 jobs in mid-2022. The affected departments include product, technology, human resources, and legal teams. The move is part of an ongoing effort to streamline operations amid slower revenue growth and increased cost management needs. Despite the layoffs, Netflix emphasized continued investment in high-impact areas aimed at improving its service and driving innovation for members and investors. In 2025, Netflix reported $45.2 billion in revenue with a net income of $11 billion from 325 million subscribers. The company’s advertising business also saw significant growth, doubling to $1.5 billion due to the success of its ad-supported plan.