Netflix Cuts 1,000 Jobs in Biggest Layoff Round Since 2022
LOS GATOS, California — Netflix is cutting about 6% of its global workforce — roughly 1,000 positions — in the streaming giant's largest round of layoffs since 2022, the Wall Street Journal reported Wednesday, citing an email to employees.
The announcement came in a Wednesday morning memo from co-chief executives Ted Sarandos and Greg Peters. The bulk of the cuts will hit the company's product, technology, legal and human-resources teams, according to the Journal's report. Employees affected by the downsizing received their notices Wednesday.
The move marks Netflix's biggest workforce reduction since 2022, when the company eliminated about 150 positions in May and another 300 in June after reporting its first subscriber decline in more than a decade.
The layoffs land as Netflix faces slowing growth and intensifying competition for viewers' time in a consolidated media market. The company's share price has fallen roughly 25% this year, even as the S&P 500 has gained 13%. Speaking at a Bloomberg event in September, Sarandos admitted growth has been "slower than he would like."
Despite the cuts, the co-CEOs told employees the business remains strong and the company is on track to meet its full-year financial forecast. The memo said Netflix will continue investing aggressively in areas with high impact, while being more disciplined about how it allocates its people and resources — echoing the message that "our mission — to entertain the world — is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources."
Netflix has been pushing to diversify beyond its subscription business, investing in advertising, live programming, podcasts and gaming. Third-quarter results announced last week showed viewership rose 2% in the first half of the year to 97 billion hours.
The streamer also recently lost out to Paramount Skydance in the bidding war for Warner Bros Discovery's streaming and studio assets. Paramount completed its roughly $110 billion acquisition of Warner Bros earlier this month to form Skydance, creating a media giant with a portfolio of leading news and film studios.
Netflix shares were down less than 1% on Wednesday morning in New York.
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