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Politics · October 14, 2026

Netflix Drops The Ax In Biggest Shakeup In Years

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Netflix has announced plans to lay off approximately 1,000 employees, representing roughly 6% of its global workforce. This action marks the company's largest reduction in staff since 2022. According to internal memos from co-CEOs Ted Sarandos and Greg Peters, the cuts primarily target the product, technology, legal, and human resources departments. While the executives emphasized that the company remains profitable and on track to meet financial forecasts, the decision comes amid rising competition from other streaming platforms, a saturated North American market, and recent industry consolidation, such as the Paramount-Warner Bros. Discovery merger.

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Reported across the spectrum

  • Netflix is laying off approximately 1,000 employees.
  • The layoffs represent about 6% of Netflix's total workforce.
  • This is the largest round of job cuts at the company since 2022.
  • Departments most affected include product, technology, legal, and human resources.
  • Co-CEOs Ted Sarandos and Greg Peters issued the announcement via an internal memo.
  • The layoffs were first reported by the Wall Street Journal.

Reported by only some outlets

  • Netflix shares have fallen nearly 43% over the last 12 months.
  • Netflix earned $3.4 billion on revenue of $12.6 billion in its second financial quarter.
  • The company had roughly 16,000 full-time employees as of December 2025.
  • Netflix withdrew from bidding for Warner Bros. in February after being outbid by Paramount.
  • Paramount Skydance completed its acquisition of Warner Bros. Discovery on October 6.
  • The price for a standard ad-free plan rose to $19.99 in 2026.
  • Netflix users watched more than 97 billion hours of content in the first half of 2026.

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