Netflix Reportedly Readies First Major Layoffs Since 2022, Cutting 5% Of Staff With Shares Down 42% In A Year

What happened: Netflix plans to cut about 5% of its workforce, with an announcement expected as early as next week, Puck News reported. The last major layoffs came in 2022. Key numbers: About 16,000 full-time employees at the end of last year, so roughly 800 jobs. Why it matters: HSBC and Wells Fargo downgraded Netflix last month over engagement, citing YouTube's living-room presence and Netflix's falling U.S. TV time share. Co-CEO Ted Sarandos said Netflix is not growing as fast as he wants.

Netflix plans to cut about 5% of its workforce, with an announcement expected as early as next week, Puck News reported. The last major layoffs came in 2022.

HSBC and Wells Fargo downgraded Netflix last month over engagement, citing YouTube's living-room presence and Netflix's falling U.S. TV time share. Co-CEO Ted Sarandos said Netflix is not growing as fast as he wants.