Netflix to Cut 6% of Staff (~1,000 Jobs) Amid Slowing Growth and Share Slump

NFLX is cutting about 6% of its workforce, roughly 1,000 jobs, its largest reduction since 2022. In a memo obtained by CBS News, co-CEOs Ted Sarandos and Greg Peters said the cuts affect the product, technology, legal and human resources departments. Netflix had roughly 16,000 full-time employees as of December 2025, according to a securities filing cited by CBS.

The memo framed the move as reallocation rather than retreat. "Our business is strong and growing, and we remain on track to deliver our full-year forecast," the co-CEOs wrote, adding that the company will keep investing "aggressively in high-impact areas". The backdrop is less comfortable: revenue growth has slowed amid competition from other streamers and a saturated North American market, and the shares have fallen nearly 43% over the past 12 months. The Financial Times reported the company faces pressure to boost viewer engagement after a slide of more than 40% in a year.

The market reaction was muted. Investor's Business Daily described the stock as flatlining on the job cuts and subscriber churn data, and NFLX was up about 0.2% near $70.57 late Wednesday, per SentiSense's delayed quote. Netflix remains profitable: in its second quarter it earned $3.4 billion on revenue of nearly $12.6 billion, up 9% and 13% respectively from a year earlier.

What to watch: Netflix reports third-quarter results after the close on October 20, with a consensus EPS estimate of $0.82 per SentiSense's earnings calendar. That call is the first chance for management to size the savings from the cuts and to show whether engagement and revenue growth can pick up again, the two questions behind the share-price slide.