Netflix Planning Layoffs Targeting 5% of Its Workforce
Netflix is gearing up for major layoffs as the streamer has continued to face concerns from Wall Street about its future growth. Puck reports that the streamer is considering cutting 5% of its workforce in a restructuring that could be announced as early as next week. It’s unclear which departments would be affected by the cuts. A Netflix spokesperson declined to comment.
As of the end of 2025, Netflix had approximately 16,000 full-time employees.
The planned cuts come as analysts from HSBC and Wells Fargo downgraded Netflix stock last month on “worrying” engagement trends and competition from YouTube. During Bloomberg’s 2026 Screentime conference, Netflix co-CEO Ted Sarandos also acknowledged that the service is “not growing as fast as I want us to.” “We’re working on making that move faster,” he added.
Shares of Netflix, which are trading at $70.96 apiece as of Friday morning, are down 42% in the past year, 22% year to date and 30% in the past six months.
More to come…
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Lucas Manfredi
Lucas Manfredi is a TV Business reporter at TheWrap, writing about the programming, executives and trends in the television and streaming industries. Prior to joining TheWrap in November 2022, he spent four years at Fox Business as a production assistant and a reporter on its digital team. He has a Bachelor of Science in Journalism from New York University.