Netflix has confirmed it will cut 1,000 staff from its global workforce – around 6 per cent of its employees – as the streaming giant faces growing competition from media mergers, social media platforms and vertical content.
In a staff memo, Netflix Co-CEOs Greg Peters and Ted Sarandos said: “Team – We wanted to share that we are making a number of organisational changes and, as a result, we’ll be letting go of roughly 6 per cent of our colleagues, with the greatest impact to our product, tech, legal, and HR teams.”
The co-CEOs continued: “Decisions like these are never easy, and we don’t take them lightly. Our top priority today is to support those who are leaving Netflix. The process will vary somewhat by country, but leaders will be connecting with impacted employees soon. If you are leaving, please know that we will support you throughout this transition and make sure you have as much clarity and context as possible. We also want to say thank you. What you’ve built, and the care you brought to Netflix, have made a lasting difference, and we will always be grateful. For the rest of the team, we know you have questions, too. Our mission – to entertain the world – is ambitious, and delivering on it requires us to be disciplined about where we prioritise our people and resources. Our business is strong and growing, and we remain on track to deliver our full-year forecast. We’ll continue to invest aggressively in high-impact areas to improve our service and further drive growth and innovation. Doing that means making focused choices across the business so we can keep delivering for our members, partners, employees, and investors,” added the memo, reported by Variety.
Netflix, the industry’s biggest premium streaming provider with more than 325 million customers globally, has posted double-digit growth in both revenue and profits in recent years. In 2025, the company had $45.2 billion in revenue (up 16%) and net income of $11 billion (up 26%). But investors have been concerned that Netflix’s engagement on a per-user basis slowed in the first half of 2026.
