Netflix reportedly is planning to cut about 5% of its workforce. An announcement could come as early as next week, according to Puck News.
What We Know: Puck cited people familiar with the matter in its Friday report. Netflix had about 16,000 full-time employees at the end of last year. A cut of roughly 800 jobs would be the company’s largest since 2022. That year, Netflix shed hundreds of positions amid slowing growth and subscriber losses. Netflix declined to comment on the report.
What’s At Stake: Netflix’ stock has been in a slow freefall for most of the year due to lower than expected engagement with the platform. The streaming platform has been very active in investing in podcasts and live events programming for the past year. It’s also dealing with YouTube, who is steadily drawing a larger share of viewers and advertising spending.
What Remains Unclear: Netflix has not said which departments face cuts. Likewise, the company hasn’t publicly explained its reasons.
What It Means: Notably, the cuts wouldn’t follow a weak quarter. Second-quarter revenue hit $12.56 billion in July, up 13% year over year, with $3.4 billion in net income. Still, shares fell more than 8% after hours once Netflix narrowed its 2026 revenue range to $51–$51.4 billion. Ultimately, the company is betting on ads, live programming and gaming, with ad revenue expected near $3 billion this year.
Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.
