The show, which was announced last year, is one of several projects being dropped by the streaming giant.
Last month, Netflix revealed a sharp fall in subscribers and warned millions more are set to quit the service.
That wiped over $50bn off the company's market value as experts warned it faced a struggle to get back on track.
Archewell Productions, the company formed by the Duke and Duchess of Sussex, announced last year that Meghan would be an executive producer of Pearl.