Netflix is cutting about 1,000 staffers in its biggest round of layoffs in years. Read the memo from its co-CEOs.

Netflix is turning to layoffs under co-CEO Ted Sarandos.

Samuel Boivin/NurPhoto via Getty Images; Bloomberg/Getty Images Netflix is cutting about 1,000 employees, following in the footsteps of other major media companies.

The cuts impact staffers on the product, tech, and HR teams, a person familiar with the move said.

Shares of the streaming giant are down significantly this year and its engagement growth has slowed.

Netflix is laying off about 1,000 employees in its biggest round of cuts since 2022, a person familiar with the plans confirmed.

Co-CEOs Ted Sarandos and Greg Peters notified employees about the downsizing on Wednesday.

Netflix is contending with slowing engagement growth and a lagging stock price that's down more than 30% over the last six months and over 40% over the past year.

The streaming giant is letting go of staffers primarily across the product, tech, HR, and legal teams, the person said.

The Wall Street Journal first reported the news.

Other media giants have made cuts in recent weeks.

NBCUniversal said in early October that it's parting with a few hundred global streaming tech employees , while Disney did its third round of layoffs in six months in late September.

Netflix's cuts come a week before it reports third-quarter earnings, which will be after the closing bell on October 20.

Its last major round of layoffs was in 2022, after the company lost subscribers for the first time in more than a decade.

Sarandos said at a Bloomberg event in late September that "we're not growing as fast as I want us to, and we're working on making that move faster." Netflix met Wall Street's earnings expectations last quarter but said it would start posting its detailed engagement report once a year, instead of twice a year.