Netflix is to cut about six per cent of its workforce, affecting nearly 1,000 employees, as the streaming company carries out wider organisational changes.
Co-chief executives Greg Peters and Ted Sarandos announced the reductions in a memo to staff. The product, technology, legal and human resources teams are expected to be among those most affected.
“Decisions like these are never easy, and we don’t take them lightly,” the executives wrote.
They said the business remained strong but that Netflix needed to be “disciplined about where we prioritise our people and resources” while investing in future growth and “high impact areas to improve our service”.
Netflix declined to comment further on the job cuts beyond the memo. The reductions represent the California-based company’s biggest round of redundancies in years.
The move comes despite growth in profit driven by new memberships and price increases. Netflix made 3.4 billion US dollars in its second financial quarter, while revenue reached 12.56 billion US dollars, increases of nine per cent and 13 per cent respectively compared with the same period last year.
However, the company’s forecast for its third quarter was below Wall Street expectations. Netflix is due to report those results next week.
Competition in streaming is also intensifying. Netflix remains the largest player, accounting for 19 per cent of the market according to the latest figures from streaming guide JustWatch, while Amazon’s Prime Video and Disney+ follow closely behind.
At the end of 2025, Netflix had about 16,000 full-time employees worldwide, according to regulatory filings.
