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Netflix to Cut 1,000 Jobs in Biggest Layoffs Since 2022
Why is Netflix stock down today?
Netflix (NFLX) stock slipped less than 1% to about $70 on Wednesday after the streamer said it will cut roughly 1,000 jobs, 6% of staff, as viewing growth slows.
Key numbers
| Jobs being cut | ~1,0006% of staff |
|---|---|
| Workforce before cuts | ~16,000full-time, end of 2025 |
| NFLX share price | ~$70-0.5% Wednesday |
| NFLX stock, 2026 so far | -25%year to date (per [4]) |
| Quarterly revenue growth | +13%Q2, down from +16% in Q1 |
| US TV viewing share, July | 7.8%vs YouTube 14.2% |
What happened
Netflix (NFLX) stock slipped less than 1% to about $70 on Wednesday after the streamer said it will cut roughly 1,000 jobs, 6% of staff, as viewing growth slows. Co-CEOs Greg Peters and Ted Sarandos told employees most of the cuts will come from the product, technology, legal and human resources teams. Netflix had about 16,000 full-time employees at the end of last year. People watched 97 billion hours of Netflix in the first half of 2026, up only 2% from a year earlier (per).
Why it matters
Netflix is making its biggest job cuts since 2022, a sign that even the world's largest streaming service is under pressure to grow. People are spending more of their screen time on YouTube and social apps, and Netflix shares are down about 25% this year (per). Cutting costs can protect profits when sales growth cools, but it also shows the company expects slower growth ahead.
Who this affects
- MarketneutralLow impact
- Investors barely reacted; Netflix shares slipped under 1%.
- CompanymixedMedium impact
- Saves money, but 1,000 workers lose jobs and growth worries remain.
- CompetitorsneutralLow impact
- YouTube holds almost double Netflix's share of US TV viewing.
- IndustrymixedMedium impact
- Streamers face slower growth and pressure to cut costs.
Netflix vs YouTube, Disney
How we got here
Netflix reports first-quarter revenue of $12.25B, up 16% from a year earlier.
Netflix reports second-quarter revenue growth slowing to 13% and forecasts $12.86B for Q3.
Netflix tells staff it will cut about 1,000 jobs, 6% of its workforce.
What to watch
- Netflix third-quarter results; Wall Street expects about $12.86B in revenue and $0.82 per share.2026-10-20
- Whether Netflix's share of US TV viewing climbs back above July's 7.8% in Nielsen's reports.Q4 2026
Educational content only. Not investment advice.
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