Netflix is planning to cut about 5% of its workforce, with an announcement expected as early as next week, Puck News reported on Friday, citing people familiar with the matter.
Netflix declined to comment on the report.
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- The streaming giant’s last major round of layoffs came in 2022, when the company cut hundreds of jobs amid slowing growth and subscriber losses
- Netflix had about 16,000 full-time employees at the end of last year
- The company is navigating an increasingly competitive streaming market, as media companies consolidate and YouTube captures a growing share of viewership and advertising spending
- Netflix has been expanding beyond its subscription business, investing in advertising, live programming and gaming to diversify its revenue sources
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Jonathan Ananda)
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