Netflix plans to cut 850 jobs in restructuring: report
Netflix is planning to cut about 850 jobs, or roughly 5 per cent of its workforce, Puck News reported on Friday. An announcement could come as early as next week.
Reuters confirmed the report, citing people familiar with the matter. Netflix declined to comment. The company had about 16,000 full-time employees at the end of last year.
The cuts come amid slowing growth in audience engagement and pressure on the stock price. Netflix faces an increasingly competitive streaming market as media firms consolidate and YouTube captures more viewing time.
The last major round of layoffs was in 2022, when the company cut hundreds of jobs amid slowing growth and subscriber losses.
Netflix has been expanding beyond subscriptions into advertising, live programming and gaming to diversify revenue. The planned cuts suggest the streamer is tightening costs while it reshapes the business.
Analysts say the cuts reflect a maturing streaming market. Subscriber growth has slowed across the industry. Netflix is betting on advertising and live events to open new revenue streams.
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