Netflix job cuts hit about 1,000 staff. Q3 results come on 20 October

Netflix is cutting about 1,000 jobs, roughly 6% of its workforce, Reuters and Forbes reported on 14 October. Co-CEOs Greg Peters and Ted Sarandos told staff in a memo on Wednesday morning. These are the largest Netflix job cuts since 2022.

Netflix cuts mostly hit product, tech, legal and HR

Netflix had about 16,000 employees at the end of last year, according to Reuters. Most of the cuts fall on product, technology, legal and human resources teams, the Wall Street Journal reported first. Neither Reuters nor Forbes said whether marketing or ad sales staff are affected.

In the memo, Peters and Sarandos said the business is “strong and growing” and on track for its full-year forecast. They also wrote that Netflix has to be strict about where it puts people and money.

Sarandos says Netflix is not growing as fast as he wants

Netflix shares have lost about a quarter of their value this year. Reuters linked the pressure to YouTube and TikTok, which offer free videos, and to the failed Netflix bid for Warner Bros. Discovery’s studio and streaming assets earlier this year. At a Bloomberg event, Sarandos said growth is slower than he wants, Forbes reported. On 13 October, Craig Huber of Huber Research cut his rating on the stock to Underweight.

Netflix’s ad plan still reaches nine more European countries in March

Netflix is trying to add revenue beyond subscriptions through its ad tier, live events and games. Ross Benes, an analyst at eMarketer, told Reuters the company has not found “another line of major revenue”. The cheaper plan with ads is still due to reach nine more European countries, including Poland and Sweden, on 1 March 2027. On the buying side, Dentsu runs Netflix’s media in 22 EMEA markets.

The next test comes on Tuesday, 20 October, when Netflix reports third-quarter results. Media buyers will look for any new detail on the ad tier and on whether the job cuts reach the teams that sell it.