Netflix to Reportedly Cut About 1,000 Roles as Streamer Reallocates Resources

03:24 PM EDT, 10/14/2026 (MT Newswires) -- Netflix (NFLX) plans to trim 6% of its workforce as the streaming giant reallocates resources to accelerate growth, several media outlets reported Wednesday. The layoffs will impact roughly 1,000 jobs, mostly on the product, technology, legal, and human resources teams, CNBC, Reuters and Bloomberg News reported, citing an email sent to employees by co-Chief Executive Officers Ted Sarandos and Greg Peters. "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," Sarandos and Peters reportedly wrote in the memo. "Our business is strong and growing, and we remain on track to deliver our full-year forecast." Netflix will continue to invest in high-impact areas to accelerate growth, according to the memo, as reported by CNBC and Bloomberg. "Doing that means making focused choices across the business so we can keep delivering for our members, partners, employees, and investors," Sarandos and Peters said. This would mark Netflix's biggest layoff round since 2022, Reuters reported. The company didn't respond to MT Newswires' request for comment. Its shares slipped 0.1% in Wednesday afternoon trade, and have declined about 25% this year. Netflix, which had about 16,000 full-time employees at the end of 2025, is scheduled to report third-quarter results on Oct. 20. The company's second-quarter revenue fell short of Wall Street's estimates in July as it decided to stop publishing its engagement report semi-annually. Netflix's growth outlook is being undervalued despite its competitive edge, lead in overseas production and ability to deploy artificial intelligence better than media rivals, Deutsche Bank said in a note late last month. The bank upgraded its rating on Netflix's stock to buy at the time and reduced the price target to $95 from $100. Last month, Disney (DIS) planned to lay off 300 employees, mostly in HR and tech, CNBC reported. Price: 70.39, Change: -0.07, Percent Change: -0.10