Netflix to cut 6% of staff as revenue growth slows

Netflix is eliminating approximately 6% of its global workforce, a move that impacts product, technology, legal, and human resources departments. Co-CEOs Ted Sarandos and Greg Peters confirmed the reduction in a memo to employees, which CBS News obtained. The Wall Street Journal first reported that the cuts will affect roughly 1,000 positions, marking the company's largest workforce reduction since 2022. In the memo, Sarandos and Peters stated that the business remains strong and on track to deliver its full-year forecast. They added that the company will continue investing in high-impact areas to improve service and drive growth, noting that focused choices across the business are necessary to serve members, partners, employees, and investors. Netflix declined further comment on the planned layoffs. The company employed roughly 16,000 full-time workers as of December 2025, according to a securities filing. Despite remaining highly profitable, Netflix has experienced slowed growth in recent years due to mounting competition from other streaming platforms and a saturated North American market. Netflix shares traded just below $70 each on Wednesday and have fallen nearly 43% over the last 12 months.