Netflix reportedly prepares layoffs affecting about 5% of workforce
Netflix is reportedly preparing to cut roughly 5% of its workforce, potentially eliminating between 800 and 850 jobs as soon as next week.
Netflix is preparing to lay off approximately 5% of its workforce, according to reporting from Puck. The planned cuts could affect between 800 and 850 employees out of the company's estimated 16,000-person staff, with an announcement potentially arriving as early as next week. It remains unclear which departments will be impacted by the restructuring.[1][2][3][6][8][9][10][11][12]
The reported workforce reduction comes amid pressure over weakened engagement and a depressed stock price, according to Puck's Matt Belloni. TheWrap reported that the streamer has also faced persistent concerns from Wall Street regarding future growth. If enacted, the move would mark the company's largest layoffs and cost-cutting initiative since 2022.[4][5][8][9][11]
The downsizing is taking shape despite Netflix posting $12.56 billion in quarterly revenue, as streaming services face intensifying competition for viewer attention and advertising dollars along with pressure to diversify. That pressure was visible in July, when YouTube captured 14.2% of U.S. viewing time compared to Netflix's 7.8%.[1][4][5][7]
Key facts
- Puck reported that Netflix is preparing layoffs affecting about 5% of its workforce, estimated between 800 and 850 jobs.
- Netflix employs around 16,000 workers globally.
- An announcement or implementation of the job cuts could occur as early as next week.
- The planned staff reduction would represent Netflix's largest cost-cutting move and layoff round since 2022.
- The cuts are reported to follow concerns over weakened viewer engagement, a depressed stock price, and Wall Street worries about future growth.
- The departments affected by the proposed restructuring have not been specified.
- Netflix posted $12.56 billion in quarterly revenue, while facing streaming competition where YouTube claimed 14.2% of U.S. viewing time in July compared to Netflix's 7.8%.
Sources · 10 sources
- TN
TNW@thenextwebPost on X ·
Netflix has 16,000 employees. About 800 may be leaving. In July, YouTube took 14.2% of US viewing and Netflix 7.8%. https://t.co/VENzKpwF4E https://t.co/nNanVaJgDa
Open source - BL
Bloomberg@businessPost on X ·
Netflix is making plans to cut about 5% of its staff as early as next week, the newsletter Puck reported https://t.co/tBDHWof2sN
Open source - QU
Quartz@qzPost on X ·
Netflix is planning to cut about 5% of its workforce: An announcement could come as early as next week, according to Puck News, which cited people familiar with the matter dlvr.it/TVrcTD https://t.co/1eSkDoxS0w
Open source - QU
Quartz@qzPost on X ·
Netflix plans its biggest layoffs since 2022 — about 800 jobs Despite posting $12.56B in quarterly revenue, Netflix is reportedly set to cut roughly 5% of its workforce as it faces a more competitive streaming market and pressure to diver #Netflix #NetflixLayoffs #StreamingWars https://t.co/xhfZCYSn1I
Open source - QU
Quartz@qzPost on X ·
Netflix plans its biggest layoffs since 2022 — about 800 jobs: Despite posting $12.56B in quarterly revenue, Netflix is reportedly set to cut roughly 5% of its workforce as it faces a more competitive streaming market and pressure to diversify… dlvr.it/TVrxN3 #Netflix #Layoffs https://t.co/yqLJxsqvAM
Open source - PO
Polymarket@PolymarketPost on X ·
JUST IN: Netflix to reportedly lay off roughly 850 employees, 5% of its global workforce.
Open source - AI
Analytics Insight@analyticsinmePost on X ·
𝗡𝗲𝘁𝗳𝗹𝗶𝘅 𝗟𝗮𝘆𝗼𝗳𝗳𝘀: 𝗦𝘁𝗿𝗲𝗮𝗺𝗶𝗻𝗴 𝗚𝗶𝗮𝗻𝘁 𝗥𝗲𝗽𝗼𝗿𝘁𝗲𝗱𝗹𝘆 𝗣𝗹𝗮𝗻𝘀 𝘁𝗼 𝗖𝘂𝘁 𝗛𝘂𝗻𝗱𝗿𝗲𝗱𝘀 𝗼𝗳 𝗝𝗼𝗯𝘀 Netflix is reportedly planning to cut around 5% of its workforce, potentially affecting hundreds of employees. The reported move comes as streaming platforms compete for viewers and advertising revenue. #Netflix #NetflixLayoffs #NetflixNews #WorkforceCuts #JobCuts #StreamingIndustry #EntertainmentNews #StreamingServices #BusinessNews #AnalyticsInsight #AnalyticsInsightMagazine Read More 👇 https://t.co/rSIxtTSgdh
Open source - TH
TheWrap@TheWrapPost on X ·
Netflix is gearing up for major layoffs as the streamer has continued to face concerns from Wall Street about its future growth. Puck reports that the streamer is considering cutting 5% of its workforce in a restructuring that could be announced as early as next week. It’s unclear which departments would be affected by the cuts. https://t.co/o9UqTK2zvc
Open source - BN
Breitbart News@BreitbartNewsPost on X ·
Netflix is reportedly preparing to lay off up to 800 employees (~5% of its workforce), the largest cost-cutting measure it has taken since 2022. https://t.co/0NxiwvJIHq
Open source - EV
Evan@StockMKTNewzPost on X ·
Netflix $NFLX is reportedly planning to cut 5% of its workforce as soon as next week - Puck News https://t.co/ELffzOcsZl
Open source - TE
Techmeme@TechmemePost on X ·
Sources: Netflix is preparing for layoffs that will impact ~5% of employees, or ~850 jobs, amid pressure over weakened engagement and a depressed stock price (@mattbelloni / Puck) (Visit Techmeme dot com for the link and full context!)
Open source - ET
Economic Times@EconomicTimesPost on X ·
Netflix plans to cut about 5% of its workforce as early as next week, report says https://t.co/K5b18QP3Cg
Open source