Netflix is cutting 6% of its workforce as its revenue growth slows

Netflix said it is laying off roughly 6% of its workforce, according to a memo to employees obtained by CBS News.

"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."

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.

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 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.