WASHINGTON (dpa-AFX) - Netflix, Inc. (NFLX) is planning to reduce around 5 percent of its workforce, with an official announcement expected as early as next week, according to a Puck News report.
The entertainment service provider had about 16,000 employees at the end of 2025, meaning roughly 800 people are expected to be affected by this latest workforce reduction, the report added.
The decision comes as the streaming competition intensifies, leading to increase in advertising budgets and threat to viewership numbers.
If confirmed, the layoffs would be largest since 2022, where Netflix let go of around 450 people from a workforce of about 11,000.
NFLX was trading at $70.96, down 0.85 percent on the Nasdaq.
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