Netflix Trims 1,000 Jobs, $NFLX Down 41% — Coin Traders Yawn, Binge Q3 Earnings Instead 📺

Netflix is cutting roughly 1,000 employees, about 6% of its workforce, six days before it releases results for the third quarter. Shares of $NFLX have lost approximately 41% of their value over the past year. The company last announced a round of layoffs of this size in 2022, and the share price had already bottomed four trading days earlier, according to Yahoo Finance price data.

The cuts were disclosed in an internal email from co-chief executives Greg Peters and Ted Sarandos, affecting mostly roles in product, technology, legal and human resources. It is the largest layoff round since 2022. "…delivering on it requires us to be disciplined about where we prioritize our people and resources," Peters and Sarandos wrote, according to the memo obtained by TheWrap.

Netflix is not operating at a loss. Its second-quarter shareholder letter projected 2026 revenue of $51 billion to $51.4 billion, with an operating margin of 31.5%. The challenge is engagement: members watched just 2% more hours in the first half of 2026 than a year earlier, while YouTube captured 14.2% of U.S. TV viewing in July versus 7.8% for Netflix, per Nielsen data cited by TheWrap.

Following the 2022 layoffs, $NFLX closed at a split-adjusted $16.64 on May 11, 2022, its lowest point that year. Roughly 150 jobs were cut on May 17, and around 300 more on June 23. By year-end 2022, the stock had climbed 77% from that low, though The Motley Fool attributed the recovery primarily to an ad-supported tier and a crackdown on password sharing. Netflix reports earnings on October 20 and has guided for third-quarter revenue of $12.86 billion and earnings of $0.82 per share.