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Netflix cuts 1,000 jobs in its biggest layoffs ever despite soaring profits

Netflix is swinging the axe laying off around 1,000 employees, representing 6% of its workforce, in what is its biggest layoff to date. Most of the layoffs will affect workers in Netflixs product, technology, legal and HR teams, co-CEOs Ted Sarandos and Greg Peters wrote in an email to employees Wednesday morning about the layoffs. More from Variety How AI Is Used by Netflix at Its VFX Eyeline Studios, Revealed by VP Mohsen Mousavi at View Conference Netflix Scores Exclusive 2030 FIFA World Cup Rights in Spain and Andorra in Landmark Deal Appetite for Agatha Christie Shows No Signs of Slowing 50 Years After Her Death: 'She Has Such Enduring Appeal' 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). A Netflix spokesperson said the company did not have any comment beyond the memo from Sarandos and Peters. Netflix, the industrys 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%). Our business is strong and growing, and we remain on track to deliver our full year forecast, Sarandos and Peters said in the memo. The co-CEOs continued, Well continue to invest aggressively in high-impact areas to improve our service and further drive growth and innovation. However, they said, Doing that means making focused choices across the business so we can keep delivering for our members, partners, employees, and investors. As of the end of 2025, Netflix had about 16,000 full-time employees. The last major Netflix layoffs came in 2022, when it axed about 450 staffers following the streamers net decline of 200,000 subscribers in the first quarter of that year, its first such drop in more than a decade. The company has made additional smaller cutbacks since then, including letting go several dozen members of its global product team earlier in 2026. Netflix is scheduled to report third quarter 2026 earnings on Tuesday, Oct. 20, after market close. For the second quarter, the streamer posted earnings in line with Wall Street forecasts but issued Q3 revenue guidance below analyst expectations, driving the stock price down. Read the memo from Sarandos and Peters to Netflix staffers: Team We wanted to share that we are making a number of organizational changes and, as a result, well be letting go of roughly 6% of our colleagues, with the greatest impact to our product, tech, legal, and HR teams. Decisions like these are never easy, and we dont take them lightly. Our top priority today is to support those who are leaving Netflix. The process will vary somewhat by country, but leaders will be connecting with impacted employees soon. If you are leaving, please know that we will support you throughout this transition and make sure you have as much clarity and context as possible. We also want to say thank you. What youve built, and the care you brought to Netflix, have made a lasting difference and we will always be grateful. For the rest of the team, we know you have questions, too. 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. Our business is strong and growing, and we remain on track to deliver our full year forecast. Well continue to invest aggressively in high impact areas to improve our service and further drive growth and innovation. Doing that means making focused choices across the business so we can keep delivering for our members, partners, employees, and investors. We know changes like this are tough, but lets stay focused. This is one of the most dynamic times in the history of entertainment and its a moment perfectly suited to a company like ours thats built at the intersection of technology and entertainment. Now its on us to step up and meet the moment, together, like we always do. Ted and Greg Best of Variety Oscar Predictions: Best Cinematography Where Fantasy, Mythology, Epics and Horror Collide Oscars: International Feature La Bola Negra, Fjord and Woman Unknown Lead Early Contenders Oscar Predictions: Best Adapted Screenplay Epics, Trilogies and a Wild Dinner Party Could Define the Race Sign up for Variety's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . This article originally appeared on Variety at https://variety.com/2026/tv/news/netflix-layoffs-1000-employees-1236911239/

14 Oct 2026 6:48 pm