Netflix said it is laying off roughly 6% of its workforce, according to a memo to employees obtained by CBS News.
The cuts will impact the company's product, technology, legal and human resources departments, Netflix co-CEOs Ted Sarandos and Greg Peters wrote in the memo.
"Our business is strong and growing, and we remain on track to deliver our full-year forecast," Sarandos and Peters said. "We'll continue to invest aggressively in high-impact areas to improve our service and further drive growth and innovation. Doing that means making focused choices across the business so we can keep delivering for our members, partners, employees, and investors."
Netflix declined further comment on the planned layoffs.
The news was first reported by the Wall Street Journal. The news outlet said Netflix's job cuts will impact roughly 1,000 positions globally, the company's largest workforce reduction since 2022.
Netflix had roughly 16,000 full-time employees as of December 2025, according to a securities filing.
Although Netflix remains highly profitable, its growth has slowed in recent years amid mounting competition from other streaming platforms and a saturated North American market.
Netflix booked revenue of about $45 billion in 2025, according to S&P Capital IQ. That's up 16% from the prior year, but slower than the company's annual revenue growth before the pandemic.
Netflix is still seeking to spur audience growth. S&P Global estimates that Netflix had 327.7 million subscribers at the end of last year, up 8.6% from a year earlier.
Netflix shares, which traded at just below $70 each on Wednesday, have fallen nearly 43% over the last 12 months. The company is scheduled to release its next earnings report on Oct. 20.
