Netflix Cuts 1,000 Jobs Despite Record Q2 2026 Profits Amid Streaming Competition

Key summary

Global streaming giant Netflix reported strong financial results for the second quarter of 2026, with revenue reaching approximately 4.2 trillion baht and net profit hitting 114 billion baht. However, on October 14, the company announced a major restructuring plan to cut roughly 1,000 employees, representing about 6% of its global workforce. This significant reduction marks the largest layoff event since 2022, affecting departments such as Product, Technology, Legal, and Human Resources. Co-CEOs Greg Peters and Ted Sarandos stated the move prioritizes resources for high-impact investments rather than indicating financial distress. The article explores challenges from competitors like YouTube and TikTok in the attention economy and Netflix's strategy to diversify into advertising and gaming.