{
  "id": 14466433,
  "title": "Netflix lays off 1,000 employees; here are the teams hit the hardest",
  "url": "https://urgent.news/2026/10/14/netflix-lays-off-1-000-employees-here-are-the-teams-hit-the-hardest",
  "topic": "culture",
  "section": "Culture",
  "published": "2026-10-14T14:07:33.000Z",
  "source": {
    "name": "Times of India",
    "slug": "times-of-india",
    "url": "https://timesofindia.indiatimes.com/technology/tech-news/netflix-layoffs-company-cuts-1000-jobs-ceos-greg-peters-and-ted-sarandos-tell-employees-our-mission-is-/articleshow/134944587.cms"
  },
  "original_language": "en",
  "account": "Netflix is significantly reducing its workforce by laying off 1,000 employees, which accounts for about 6% of its global workforce. This marks the company's largest round of layoffs since 2022, according to a report by The Wall Street Journal. Co-CEOs Greg Peters and Ted Sarandos informed employees via email on Wednesday that the cuts are coming as the company prepares to report its third-quarter earnings, just a week before the announcement. The decision to lay off employees stems from slowing viewer engagement and a 40% drop in Netflix's stock price over the past year. The email from the CEOs emphasizes the company's mission to entertain the world, stating that achieving this goal requires discipline in allocating resources and personnel.\n\nMost of the job cuts are concentrated in the product, technology, legal, and human resources teams, with Netflix reporting approximately 16,000 full-time employees at the end of last year. In an email to staff, Peters and Sarandos explained that the company will continue to invest heavily in areas that drive the most significant impact, but this shift necessitates more precise decisions across the business. They assured employees that Netflix remains committed to meeting its full-year earnings forecast.\n\nSlowdowns in viewer engagement have become Netflix's most pressing challenge. While the streaming giant boasts 325 million paying members and the lowest US cancellation rate in the industry, global viewing hours only increased by 2% in the first half of 2026, reaching 97 billion. Netflix has announced that it will publish its detailed engagement report annually, rather than biannually, a change that has raised concerns among investors. Nielsen data indicates that Netflix's share of US TV viewing has decreased to 7.8%, behind YouTube's 14.2%, down from 9% in December, when popular shows like Stranger Things contributed to a higher share. At a Bloomberg event in late September, Sarandos admitted that Netflix is not growing as quickly as the company would like. To regain viewers' attention, Netflix has expanded its content offerings to include video podcasts, shows from YouTube creators, live sports, and live channels. However, some of Netflix's newer ventures, such as Netflix Games and Netflix House, have struggled to generate profit. Greg Lombardo, who led Netflix House, is leaving the company after seven years of service.\n\nThe company's recent bid for Warner Bros Discovery's studios and streaming business has also fallen through, as it was ultimately acquired by Paramount Skydance in a $110 billion deal. Sarandos has stated that Netflix is not seeking a replacement deal and expects organic growth to continue. However, the next significant challenge for the streaming giant will come on October 20 when it reports its third-quarter earnings after the US market closes, which will occur early on October 21 in India. This report will provide the first insight into how a smaller Netflix intends to increase viewer engagement going forward.",
  "summary": "Netflix is cutting about 1,000 jobs, roughly 6% of its global workforce, in its biggest round of layoffs since 2022, the Wall Street Journal reported. Co-CEOs Greg Peters and Ted Sarandos told employees the Netflix job cuts will mostly hit product, tech, legal and HR teams. The layoffs come amid slowing viewer engagement, a falling share price and a week before its third-quarter earnings.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}