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Netflix Gearing Up to Lay Off 5% of Workforce: Report
Variety • • business
Key Points:
- Netflix is planning a major round of layoffs that could cut about 5% of its workforce, potentially eliminating around 800 jobs, with the announcement expected as early as next week.
- The company currently has approximately 16,000 full-time employees, with about 68% based in the U.S. and Canada, but it has not specified which departments will be most affected.
- This would be Netflix’s largest layoff since 2022, when it cut about 450 jobs following its first subscriber decline in over a decade, with smaller reductions occurring since then.
- Despite posting double-digit revenue gains globally in Q2 2026, Netflix’s co-CEO Ted Sarandos acknowledged slower growth and challenges in user engagement, partly due to investments in live programming that have yet to generate significant viewership.
- Netflix’s Q2 earnings met expectations, but its Q3 revenue guidance fell short of analyst forecasts, causing a drop in its stock price ahead of the company’s upcoming earnings report on October 20, 2026.
