Netflix is laying off approximately 1,000 employees, representing about 6% of its global workforce. This move marks the company's largest round of job cuts since 2022.
The layoffs come as the streaming pioneer faces slowing revenue growth and tough competition for viewers and engagement from YouTube and legacy rivals. The company has also struggled with reports of declining viewing time and stalling engagement, and its share price has dropped more than 40 percent over the last year.
In a memo sent to employees on Wednesday, co-CEOs Greg Peters and Ted Sarandos explained that the cuts are part of wider organizational changes. The layoffs will primarily affect the company's product, tech, legal, and human resources departments.
At the end of 2025, Netflix had about 16,000 full-time employees.