Netflix is laying off about 1,000 employees, roughly 6% of its workforce, in its largest round of job cuts since 2022. Both Engadget and TechCrunch report the figure, and both note the company had about 16,000 full-time employees at the end of last year. TechCrunch adds that most of the cuts will affect product, tech, legal, and human resources departments.
In a company-wide memo quoted by both outlets, co-CEOs Ted Sarandos and Greg Peters said the mission to 'entertain the world' requires being 'disciplined about where we prioritize our people and resources.' They said the business is strong and growing, and that Netflix remains on track to deliver its full-year forecast while continuing to invest aggressively in high-impact areas. The company reported $45.2 billion in revenue for 2025.
The layoffs follow a failed attempt to acquire Warner Bros. assets, though the two accounts differ slightly: Engadget says Netflix backed away from the bid, while TechCrunch says it lost to Paramount Skydance after a protracted bidding war. TechCrunch also frames the cuts against intensifying competition for user attention, noting that YouTube has surpassed Netflix in average daily viewing and that social apps like TikTok are catching up.
Both sources mention Netflix's recent moves into gaming, podcasts, live sports, and price increases. TechCrunch adds that the company has been expanding its ad-supported tier and redesigning its mobile app to compete with social media platforms.