Netflix is planning a major round of layoffs starting next week, which would result in about 5% of its workforce being cut, according to a new report.
The streaming giant is planning a significant restructuring that will “affect” approximately 5% of the workforce and “could be announced as soon as next week,” according to a Puck News report, citing anonymous sources.
A Netflix spokesperson declined to comment. It is not clear which departments would be most heavily affected by the announced reductions.
By the end of 2025, Netflix said it had about 16,000 full-time employees, meaning a 5% workforce reduction would eliminate about 800 jobs. As of December, about 68% of its workers, or about 10,900, were in the United States and Canada.
Netflix’s last major layoffs took place in 2022, when around 450 employees were cut following the streamer’s net drop of 200,000 subscribers in the first quarter of this year, its first such decline in more than a decade. Since then, the company has made additional, more modest cuts, including laying off several dozen members of its global product team earlier in 2026.
Netflix co-CEO Ted Sarandos, at last month’s Bloomberg Screentime conference in Los Angeles, said the company was growing — noting that in the second quarter it saw double-digit revenue gains in every geography — but that “we want to continue to grow faster.”
“Yes, overall, our growth is not as fast as I would like, and we are working to accelerate that,” Sarandos said, addressing Netflix’s slowing user engagement (which grew 2% year-over-year in the first half of 2026). He added that the streamer “also does things that create a lot of headwind to that number. That means when we program live on Netflix, which is a relatively new thing, we spend about 5% of our content budget on live events. They drive about 1% of our viewership.”
For the second quarter, Netflix reported earnings in line with Wall Street forecasts, but issued third-quarter revenue forecasts lower than analysts’ expectations, sending the stock price lower.
Netflix is scheduled to report its third quarter 2026 results on Tuesday, October 20, after the market close.
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