Netflix to lay off about 1,000 employees in biggest cuts since 2022
News Source
β’Wed, 14 Oct 2026 15:10:45 GMT
π° What Happened
Netflix is cutting about 1,000 jobs, or 6% of its staff. The company said the cuts affect its product, tech, legal and human resources teams. It is the biggest round of job losses since 2022.
Co-CEOs Ted Sarandos and Greg Peters told staff the business is still strong. They said the company must focus on where to spend its money. Netflix shares have fallen about 25% this year.
π The Backstory
Netflix once grew fast by taking viewers away from cable TV. Growth has slowed as YouTube and TikTok pull in free-watching audiences. Netflix had about 16,000 staff at the end of last year.
The company failed to buy Warner Bros Discovery's streaming and studio assets. Paramount instead completed a huge $110bn deal for Warner Bros. Analysts say Netflix now needs a fresh way to make money.
π― Why It Matters
Netflix employs thousands of people and reaches millions of homes. Its struggles could lead to higher prices or fewer new shows for viewers.
Netflix is cutting about 1,000 jobs, or 6% of its staff. The company said the cuts affect its product, tech, legal and human resources teams. It is the biggest round of job losses since 2022.
Co-CEOs Ted Sarandos and Greg Peters told staff the business is still strong. They said the company must focus on where to spend its money. Netflix shares have fallen about 25% this year.
Netflix once grew fast by taking viewers away from cable TV. Growth has slowed as YouTube and TikTok pull in free-watching audiences. Netflix had about 16,000 staff at the end of last year.
The company failed to buy Warner Bros Discovery's streaming and studio assets. Paramount instead completed a huge $110bn deal for Warner Bros. Analysts say Netflix now needs a fresh way to make money.
Netflix employs thousands of people and reaches millions of homes. Its struggles could lead to higher prices or fewer new shows for viewers.