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Netflix layoffs could be announced as early as next week, with the streaming giant reportedly planning to cut about 5% of its workforce, or around 850 jobs, as part of a wider restructuring, according to Puck News. The Netflix job cuts would be its biggest since 2022 and come ahead of Q3 earnings on October 20, as slowing engagement, a falling stock and rising costs put pressure on co-CEO Ted Sarandos.
Netflix is cutting about 1,000 jobs, roughly 6% of its global workforce, in its biggest round of layoffs since 2022, the Wall Street Journal reported. Co-CEOs Greg Peters and Ted Sarandos told employees the Netflix job cuts will mostly hit product, tech, legal and HR teams. The layoffs come amid slowing viewer engagement, a falling share price and a week before its third-quarter earnings.
Netflix recently announced layoffs affecting approximately 1,000 employees, which represents about six percent of its workforce. Former employee Omar Sealey reached out to provide support and encouragement to those affected. He emphasized that losing a job does not diminish an individual's talent or potential, which resonates with many facing uncertainty. Despite the layoffs, Netflix continues to generate significant profit, indicating challenges within the competitive streaming industry.
Netflix plans to lay off about 6% of its workforce as part of wider organisational changes