Streaming giant Netflix is set to cut about 1,000 jobs, or roughly 6% of its global workforce, amid concerns over slowing growth and rising competition.
The job cuts will mainly affect employees in product, technology, legal and human resources departments.
Netflix’s co-CEOs, Ted Sarandos and Greg Peters, said the company would focus its resources on areas with the greatest potential for growth.
Despite the planned layoffs, Netflix maintains that its business remains strong and that it is on track to meet its financial targets for 2026.
The move comes as the company faces growing competition from platforms such as YouTube and TikTok for viewers’ attention.
Netflix’s revenue rose by 13.4% year-on-year in the second quarter of 2026, down from 16.2% growth in the first quarter.
The latest cuts mark the company’s biggest round of layoffs since 2022, when it reduced its workforce following a slowdown in subscriber growth.
