Netflix plans major workforce reduction of around 850 employees next week

Netflix is reportedly preparing for a significant round of layoffs, potentially affecting approximately 850 employees or 5% of its staff. The cuts, which could be announced as early as next week, would represent the streaming service's largest workforce reduction since 2022. This move is part of a broader restructuring effort ahead of the company's third-quarter earnings report on October 20. The layoffs are attributed to pressures from slowing user engagement, a declining stock price, and increasing operational costs.