Netflix plans to cut about 5% of its workforce as early as next week, report says

Netflix is planning to cut about 5% of its workforce, with an announcement expected as early as next week, Puck News reported on Friday, citing people familiar with the matter. Netflix declined to comment on the report.

The streaming giant's last major round of layoffs came in 2022, when the company cut hundreds of jobs amid slowing growth and subscriber losses.

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Netflix had about 16,000 full-time employees at the end of last year.

The company is navigating an increasingly competitive streaming market, as media companies consolidate and YouTube captures a growing share of viewership and advertising spending.

Netflix has been expanding beyond its subscription business, investing in advertising, live programming and gaming to diversify its revenue sources.