Netflix is cutting 6% of its workforce as its revenue growth slows

Netflix has announced that it is reducing its workforce by 6%, according to an internal memo seen by CBS News. The cuts will affect the company's product, technology, legal and human resources departments, according to co-CEOs Ted Sarandos and Greg Peters. Sarandos and Peters emphasized that while Netflix's business is "strong and growing," they remain committed to delivering their full-year forecast.

The company stated that it will continue to invest aggressively in high-impact areas to enhance its service and drive future growth and innovation. However, the layoffs come as Netflix's growth has slowed in recent years due to increased competition from other streaming services and a saturated North American market. As of December 2025, the company employed approximately 16,000 full-time employees, marking the largest workforce reduction for Netflix since 2022.

Netflix had not provided further comment on the planned layoffs. The news first broke with the Wall Street Journal reporting that the cuts would impact around 1,000 positions globally. Despite remaining highly profitable, Netflix's share price has dropped nearly 43% over the past year, trading just below $70 per share as of Wednesday.