Netflix Cuts About 1,000 Jobs Six Days Before Third-Quarter Results

Netflix (NASDAQ: NFLX), the streaming service, told staff today it is cutting about 6% of its workforce, roughly 1,000 roles. The Wall Street Journal reported the cuts first, and Netflix has confirmed them.

Shares in Netflix were about 0.8% lower at $69.93 by 6.23pm UK time, against $70.46 at yesterday’s close. The US session was still open, so that is not a closing price. The Nasdaq was also down on US inflation of 3.7% against 3.6% expected, so the dip may owe more to the broader market than to the layoffs.

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The cuts fall mainly on product, technology, legal and HR roles. Co-CEOs Sarandos and Peters told staff Netflix will keep investing heavily in high-impact areas and remains on track for its full-year forecast. The memo also said:

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.

Netflix co-CEOs Sarandos and Peters, staff memo

Netflix had about 16,000 full-time employees at the end of 2025, according to its latest annual filing, which makes 6% roughly 1,000 people. The cut looks like the company’s largest since 2022. Sarandos said in September that growth was slower than he wanted.

The shares had already slipped before today. They closed at $82.73 on the 2nd of September, the top of their three-month range, and at $67.06 on the 2nd of October, the bottom of it.

Third-quarter results are due next Tuesday, the 20th of October, after the US close. The consensus estimate is earnings of $0.82 a share. Second-quarter earnings were $0.80 against $0.79 expected.

Any link management draws between the job cuts and margins or guidance will be the point to watch.