The Netflix logo is displayed at a company office on May 12, 2026 in Los Angeles, California. Justin Sullivan | Getty Images Netflix said on Wednesday it will lay off roughly 6% of its employees, according to a memo obtained by CNBC. The job cuts will largely impact the product, tech, legal and HR teams.
"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," Netflix co-CEOs Ted Sarandos and Greg Peters wrote in the email to employees. "Our business is strong and growing, and we remain on track to deliver our full year forecast. 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 note said. Netflix said it did not have additional comments beyond the co-CEOs' memo. The streaming giant is due to report quarterly earnings on Tuesday.
Sarandos said last month at the Bloomberg Screentime conference that the company was "not growing as fast as I want." — CNBC's Julia Boorstin and Stephen Desaulniers contributed to this report.
Source: CNBC
