Netflix announced Wednesday it will lay off approximately 6% of its global workforce, or roughly 1,000 employees, marking its largest round of job cuts since 2022.
Co-CEOs Greg Peters and Ted Sarandos disclosed the decision in a memo to staff. The cuts will primarily affect the company's product, technology, legal and human resources teams.
"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," Peters and Sarandos wrote in the memo. "Our business is strong and growing, and we remain on track to deliver our full-year forecast."
The executives said Netflix would continue investing in high-impact areas to improve its service and drive growth and innovation, but needed to make focused choices across the business.
Netflix employed approximately 16,000 full-time staff at the end of 2025, with more than half based in the United States. The layoffs come as the streaming platform faces slowing revenue growth. In the second quarter of 2026, revenue rose 13.4 percent year-over-year, the company's slowest growth rate in nearly three years. The company is forecasting 11.7 percent growth for the third quarter.
The cuts reflect intensifying competition for viewer attention in a consolidated media market. Netflix competes with legacy media rivals and free platforms including YouTube and TikTok. Last month, co-CEO Ted Sarandos said at the Bloomberg Screentime conference that the company was "not growing as fast as I want us to."
Netflix's stock has declined approximately 25 percent so far this year. The company is scheduled to report quarterly earnings on Tuesday.
Netflix declined to comment further beyond the memo from its chief executives.