Netflix said on October 14, 2026, US time, that it will cut about 1,000 jobs, roughly 6% of its workforce, according to a Shueisha Online report. The following day the company announced a change at the top of its content organization.
The cuts mainly affect product development, technology, legal and human resources, and are the company's largest reduction since 2022, Shueisha Online reported. Netflix had about 16,000 employees at the end of 2025.
The company has not described the reduction as a response to weak results. Co-CEOs Ted Sarandos and Greg Peters told staff in an internal document that the business is growing steadily, that Netflix needs to judge more strictly where it directs people and money, and that it will keep investing in areas where growth is expected. "Our mission—to entertain the world—is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources," the two wrote in the memo, as reported by TechCrunch.
The business has continued to grow. Revenue for the April-June quarter was $12.6 billion, up 13% year over year, and operating income was $4.2 billion, according to Netflix's second-quarter 2026 shareholder letter. Shueisha Online notes that the share price has nonetheless fallen about 40% over the past year, and that some investors question whether the company's earlier pace of growth will continue.
Peter Rice will join as chief content officer and lead Netflix's global content organization, overseeing scripted and unscripted series, film, live events and more across all regions, according to the company's announcement. He succeeds an executive who is leaving Netflix after nearly 10 years, most recently leading its global content team. Rice previously served as chairman of Walt Disney Television and chairman of general entertainment for The Walt Disney Company.