Netflix Planning to Lay Off 5% of Its Workforce, Reports Say

Streaming giant Netflix is planning layoffs targeting approximately 5% of its workforce, according to US media reports.

Netflix is planning a round of layoffs that will affect approximately 5% of its workforce, media outlets TheWrap and Editor and Publisher reported.

According to the reports, the US streaming giant is preparing to downsize its staff as part of planned cuts. For now, specific motives behind the decision or the background leading to the move were not detailed.

The company itself has not yet issued an official announcement on the matter. Further details regarding the timeline for the layoffs, the divisions that will be affected, and the exact number of impacted employees have not yet been released.