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.

Netflix remains profitable. In its second financial quarter, the company earned $3.4 billion on revenue of nearly $12.6 billion, up 9% and 13%, respectively, from the year-ago period. 

S&P Global estimates that Netflix had 327.7 million subscribers at the end of last year, up 8.6% from a year earlier.

Yet Netflix's growth has slowed in recent years amid mounting competition from other streaming platforms and a saturated North American market. 

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.

Edited by Alain Sherter and Aimee Picchi

The Associated Press contributed to this report.

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