Netflix cuts 6% of its workforce as revenue growth slows

Netflix said it is laying off about 6% of its workforce, according to a memo to employees obtained by CBS News.

The cuts will affect the company’s product, technology, legal and human resources departments, Netflix co-CEOs Ted Sarandos and Greg Peters wrote in the memo.

“Our business is strong and growing, and we remain on track to deliver on our full-year forecast,” said Sarandos and Peters. “We will continue to invest aggressively in high-impact areas to improve our service and drive growth and innovation.

Netflix declined to comment further on the planned layoffs.

The news was first reported by the Wall Street Journal. The announcement said that Netflix’s job cuts will affect around 1,000 jobs worldwide, the biggest reduction in the company’s workforce since 2022.

Netflix had about 16,000 full-time employees as of December 2025, according to a securities filing.

While Netflix remains highly profitable, its growth has slowed in recent years amid increasing competition from other streaming platforms and a saturated North American market.

Netflix shares, which were trading at just under $70 apiece on Wednesday, have fallen nearly 43% over the past 12 months.