Netflix co-founder Reed Hastings will not seek re-election to the board after nearly 30 years. The Q1 2026 earnings announcement caps his tenure as chairman following over two decades as CEO.
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Netflix reported third-quarter revenue of $12.87 billion, up from $11.51 billion a year earlier, and cut its 2026 advertising revenue forecast to about $2.7 billion from about $3 billion. Earnings per share were 87 cents versus the 82 cents analysts expected, and shares fell about 6% in extended trading, CNBC reported.
Netflix is laying off roughly 6% of its staff, about 1,000 jobs, its biggest cuts since 2022. A memo from co-CEOs Ted Sarandos and Greg Peters says product, tech, legal and HR teams will be hit hardest.
Netflix has applied generative AI workflows to roughly 300 titles in 2026 so far, with the heaviest use in post-production. The update underscores the company's push toward faster, lower-cost production methods while still relying on human refinement.
Netflix, Sony Pictures, Paramount Skydance, TPG and Alexis Ohanian are in early talks to buy a controlling stake in Letterboxd from its majority owner Tiny. The film social network has grown to more than 30 million members, but a studio takeover would raise fresh concerns about conflicts of interest on a key review platform.
Netflix is requiring each profile under a subscription to link to a unique email address, a permanent change that began rolling out on June 15, 2026. The policy has triggered complaints from families sharing a TV and from single users who rely on multiple profiles to sort content types, alongside worries that the data will feed advertising networks.
