Netflix is swinging the axe — laying off around 1,000 employees, representing 6% of its workforce, in what is its biggest layoff to date.
\n\nMost of the layoffs will affect workers in Netflix’s product, technology, legal and HR teams, co-CEOs Ted Sarandos and Greg Peters wrote in an email to employees Wednesday morning about the layoffs.
\n\n“Our mission — to entertain the world — is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources,” the co-CEOs said in the memo, a copy of which was obtained by Variety (read it in full below).
\n\nA Netflix spokesperson said the company did not have any comment beyond the memo from Sarandos and Peters.
\n\nNetflix, the industry’s biggest premium streaming provider with more than 325 million customers globally, has posted double-digit growth in both revenue and profits in recent years. In 2025, the company had $45.2 billion in revenue (up 16%) and net income of $11 billion (up 26%). But investors have been concerned that Netflix’s engagement on a per-user basis slowed in the first half of 2026.
\n\n“Our business is strong and growing, and we remain on track to deliver our full-year forecast,”…
Original source: https://variety.com/v/tv/