Netflix is laying off about 1,000 employees, or six per cent of its global workforce, in what has been reported as its biggest round of job cuts to date.
The layoffs, announced on Wednesday, October 14, will affect employees across several departments, including product, technology, legal and human resources, according to reports.
The decision comes as the streaming giant reorganises its operations and reassesses how it allocates resources amid intensifying competition in the entertainment industry.
In an internal memo to employees, Netflix co-chief executive officers Ted Sarandos and Greg Peters said the company needed to be disciplined in how it deployed its workforce and resources.
“Our mission to entertain the world is ambitious, and delivering on it requires us to be disciplined about where we prioritise our people and resources,” part of the memo read.
The executives acknowledged the difficulty of the decision, saying the company would prioritise support for employees losing their jobs.
“Decisions like these are never easy, and we don’t take them lightly,” they said.
They also reassured remaining employees that the company’s financial performance remained strong despite the workforce reduction.
“Our business is strong and growing, and we remain on track to deliver our full-year forecast,” the memo stated.
The executives added that Netflix would continue investing in areas considered essential to its growth, including improving its service and driving innovation.
Netflix had approximately 16,000 full-time employees at the end of 2025. The latest cuts follow an earlier round of layoffs in 2022, when the company eliminated about 450 positions after reporting a decline in subscribers.
Despite the job cuts, Netflix has continued to report revenue and profit growth. However, competition from rival streaming platforms and online video services has intensified the battle for viewers and their spending.
The company is expected to release its third-quarter 2026 financial results on October 20, when investors will get an updated picture of its performance and outlook.