Netflix said on Wednesday it will lay off roughly 6% of its employees, with the cuts mainly affecting its product, tech, legal and HR teams, according to a memo obtained by CNBC. Co-CEOs Ted Sarandos and Greg Peters wrote that the company must be disciplined about where it puts its people and resources, while stating that the business is strong, growing and on track to meet its full-year forecast. Netflix said it will keep investing aggressively in high-impact areas. The streaming company is due to report quarterly earnings on Tuesday, and Sarandos said last month that Netflix was “not growing as fast as I want.”
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- Netflix lays off 6% of staff in biggest job cuts since 2022
According to the Wall Street Journal, Netflix is cutting about 6% of its workforce, its largest round of job cuts since 2022, to control costs amid heavier competition from Google and other media players and pressure on its top-line growth. The stock has declined this year, and the cuts are seen as a first step toward getting the cost base under control. Investors are reportedly looking for more at Monday's earnings call, including a possible dividend, which would be a first for the company.
- Can You Make Money Off Netflix Stock Now?
Netflix shares have dropped 12% since mid-September from a recent high of $80.32, after Wells Fargo downgraded the stock on September 18 over concerns about engagement and content. View hours grew 2% in the first half of 2026, versus 1.5% in 2025. Since 2010, the stock has fallen 20% or more within 30 trading days on 16 occasions; at the median, a $10,000 investment made on the day of a drop was worth about $14,100 a year later, though buyers typically faced a further median fall of 17% first. Netflix still keeps 29.7% of sales as operating profit, versus 18.5% for the S&P 500, and trades at 21.7 times earnings against 21.9 for the index. However, revenue growth slowed to 13.4% in the latest quarter from 16.2% before, and the article says revenue growth in the report expected around October 20, 2026 is the key figure to watch.
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