Netflix Eyes Major Layoffs

Layoffs are coming to Netflix. Word about imminent cuts at the streamer started circulating Thursday afternoon, with sources describing the expected reduction as a big one. Netflix declined comment.

The exact timing of the layoffs is unclear. Some expected them to start as early as Friday, with next week also a possibility. Speculation about the exact size of the cuts also varies, Puck pegs it at 5% of the company workforce.

Layoffs have become a regular occurrence in the media business.

Netflix has not undergone major cuts since the big staff reduction of 2022, with the February product division layoffs of several dozen employees among the most notable ones.

The streamer’s stock has dropped more than 40% over the past year as Wall Street has increasingly scrutinized its viewer engagement, which increased only 2% over the first half of the year.

Netflix’s co-CEO Ted Sarandos addressed the topic last week at a Bloomberg conference. “Overall, we’re not growing as fast as I want us to, and we’re working on making that move faster,” he said.