Netflix prepares layoffs affecting about 5% of staff ahead of Q3 results
Netflix is preparing to cut about 5% of its workforce, with an announcement possible as early as next week, Puck reported on Friday, citing people familiar with the plans.
Netflix had about 16,000 full-time employees at the end of last year, so a cut of that size would affect roughly 800 people.
The report comes three months after a soft third-quarter forecast sent its shares down 9%, and less than two weeks before it reports results on October 20.
Puck, which broke the story through media journalist Matthew Belloni, did not say which teams would be affected. Netflix has also not said whether the cuts are tied to a restructuring or to cost savings.
If confirmed, the layoffs would be the company’s largest since 2022. That year, Netflix let go of hundreds of employees after losing subscribers for the first time in a decade, as growth slowed once pandemic lockdowns...
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