Daily newsletter · Mon 19 Oct 2026
Netflix cut about 1,000 jobs and replaced its content chief, days before its results
Netflix fell 2.86% on Friday to US$70.53. That leaves the shares 43% below their 52-week high of US$124.86.
The week started with a memo. On Wednesday, co-chief executives Ted Sarandos and Greg Peters told staff that about 1,000 jobs would go, roughly 6% of the workforce. It is the biggest round of layoffs in Netflix's history; the cuts in 2022 came to about 450 people.
Then came the bigger surprise. Bela Bajaria, the content chief behind Bridgerton and Squid Game, is leaving after nearly a decade. Peter Rice, who ran Walt Disney Television until 2022, takes over on 26 October.
The worry behind both moves is viewing. Time spent watching Netflix grew just 2% in the first half of 2026, and a subscription business needs people to keep watching to keep paying.
Netflix reports on Tuesday after the close in New York, which is 9am Wednesday in Auckland and 7am in Sydney. It has told investors to expect earnings of US$0.82 a share for the quarter.
the plan for viewing. Job cuts protect this year's profit margin. I'd want to hear how Netflix expects to get people watching more again, because viewing is what pays for the years after this one.
More in
All stories →- Wednesday 21 October Netflix cut its advertising forecast, and the shares fell about 5% after the close
- Monday 5 October Paramount and Warner Bros. become one company called Skydance on Tuesday
General information and commentary only, not financial advice. It does not take account of your objectives, financial situation or needs, and reflects the author's own reading of public information at the time of writing, which may be wrong. Sharespective, its people and its clients may hold positions in the companies covered. Do your own research and talk to a licensed adviser.