Netflix cuts 1,000 jobs and replaces chief content officer amid US slowdown
Netflix announced about 1,000 layoffs and the ouster of chief content officer Bela Bajaria, replacing her with Peter Rice as it confronts slowing growth in the U.S./Canada market.
Netflix reported an $11 billion net profit for 2025 and expects revenue growth to ease to 13-14 % this year while targeting a higher operating margin. Nevertheless, the streamer announced a reduction of about 1,000 jobs—the largest layoff in its history—and removed chief content officer Bela Bajaria, appointing industry veteran Peter Rice, formerly of Disney and 21st Century Fox. The actions respond to investor concerns over a slowdown in the U.S./Canada (UCAN) market, where revenue growth slipped from 14 % to 10 % in Q2 2026 and viewing hours fell.
BMO Capital Markets cut its Q3 and Q4 revenue forecasts and lowered the 2027 outlook, citing weaker engagement. Co-CEOs Ted Sarandos and Greg Peters framed the cuts as a way to free resources for high-impact content and growth initiatives. Disney, also profitable, has undertaken similar layoffs to create capacity for investment, highlighting a broader industry trend.
Why it matters
The layoffs and leadership shift signal Netflix’s effort to reverse slowing subscriber growth in its biggest market.
How this story developed
- Oct 14 Netflix cuts about 1,000 jobs, slashing 6% of its workforce
- Oct 14 The cuts constitute Netflix’s largest layoff since the 2022 reduction.
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