Netflix will begin layoffs

Netflix plans to announce a layoff of five percent of its workforce as part of a restructuring program. The Puck News portal reported this with reference to its sources, according to which it will be officially announced next week.

Considering that the world's largest streaming service currently employs about 17 thousand people, 850 of them may lose their jobs. It is noted that the company itself refused to comment on information about its plans to begin layoffs.

Netflix's last major layoff came in 2022, when 150 employees lost their jobs due to slowing business growth.

Netflix shares were down 1.01 percent at the time of writing, to $70.85 per share. According to the authors of the publication, shares are falling in price as the company expands its activities, investing in advertising, live broadcasts and games to diversify sources of income, under pressure after an unsuccessful attempt to acquire Warner Bros., as well as against the backdrop of slowing growth in user engagement on the platform.