Netflix to cut roughly 1,000 jobs in workforce restructuring

Netflix is cutting about 1,000 jobs, or roughly 6% of its workforce. Co-chief executives Greg Peters and Ted Sarandos announced the reductions in a letter to staff on October 14.

The Wall Street Journal first reported the letter, which was subsequently obtained by The Associated Press. The executives said the company needed to be more disciplined in allocating people and resources while investing in the service’s future growth.

The product, technology, legal and human resources teams will be most affected. The Wall Street Journal described the reductions as Netflix’s largest round of layoffs since 2022. The company had about 16,000 full-time employees at the end of 2025.

Earlier reports had described a possible restructuring affecting roughly 5% of staff. Management has now informed employees of a decision and the scale of the reductions.

According to Interfax, Netflix’s market capitalisation has fallen nearly 25% since the start of 2026, to $293 billion. Over the same period, the Nasdaq Composite index has risen more than 16%.