Netflix plans to lay off 5% of workforce, affecting roughly 800 employees

Netflix shares fell 0.85% to trade around $70.96 following reports that the streaming giant plans to cut approximately 5% of its workforce, affecting roughly 800 employees. An official announcement could occur as early as next week, according to a report from Puck News. Netflix declined to comment on the matter. Based on a year-end headcount of about 16,000 employees, the move would represent Netflix's largest staff reduction since 2022, when it eliminated 450 jobs amid slowing growth and subscriber declines. The reductions come amid intensifying competition across the streaming industry.