Netflix Prepares Major Layoffs Expected to Begin Friday
Puck reports the cuts could amount to 5% of Netflix's workforce, with layoffs possibly starting as early as Friday.
Netflix is preparing a major round of layoffs that could begin as early as Friday, according to a Puck report. The cutbacks were described by sources as a big reduction, and next week is also possible for the start.
Puck reported the cuts could amount to 5% of Netflix's workforce. The company declined to comment on the planned layoffs.
The expected reduction would be Netflix's most significant since the major staff cuts of 2022. In February, the company's product division had layoffs of several dozen employees.
Netflix's stock has dropped more than 40% over the past year, and viewer engagement increased only 2% over the first half of the year. Last week at a Bloomberg conference, co-CEO Ted Sarandos said Netflix is not growing as fast as he wants.
Quick answers
When are the Netflix layoffs expected to begin?
Sources said the layoffs could begin as early as Friday, with next week also possible.
How many Netflix employees could be affected?
Puck reported the cuts could amount to 5% of Netflix's workforce.