Netflix cuts 1,000 jobs and names Peter Rice to lead content

Netflix has cut about 1,000 jobs and replaced its top content boss days before it tells investors how its quarter went.

The cuts equal 6% of staff. It is the streamer’s deepest round of layoffs since 2022, according to Deadline.

The reduction was first reported on 14 October. Reuters reported that day that Netflix was cutting about 6% of jobs, citing a company disclosure in an internal memo, in a story carried by Reuters.

Behind the numbers are 1,000 people. The layoffs landed just as Netflix reshaped the team that decides what gets made.

Chief Content Officer Bela Bajaria has exited after 10 years at the company. She is replaced by Peter Rice, a former Disney and Fox executive. Film head Dan Lin was also ousted on Monday 19 October.

Netflix is led by co-chief executives Ted Sarandos and Greg Peters. Rice was named Chief Content Officer on 15 October, according to Deadline.

Netflix said Rice will lead its global content organisation. That covers scripted and unscripted series, film and live events, the company said in a statement on its site, carried by Netflix. Rice previously served as Disney TV chair, according to Bloomberg.

All of this lands right before results day. Netflix will post its third-quarter 2026 financial results and business outlook on its investor website, an announcement it confirmed in September. Its Third Quarter 2026 Earnings Interview is scheduled for 20 October.

The company had guided to third-quarter revenue growth of 12%, or 11% on an F/X-neutral basis, meaning stripping out currency swings. It projected an operating margin of 33.2%, which is profit from operations as a share of sales, according to its second-quarter shareholder letter.

Wall Street will be watching closely. Analysts expected revenue of $12.8 billion for the three months ended 30 September, up 11.8% from a year earlier, with earnings per share of 82 cents versus 59 cents. Shares were down 25% year to date and over 40% over the past 12 months.

Viewership is part of the pressure. Sarandos said at a recent Bloomberg conference that viewership was not growing as much as he would like.

For viewers, this means a short wait for answers. The earnings interview on 20 October will set out subscriber, revenue and viewing figures for the quarter and what Netflix plans to spend next.