Netflix Shares Fall 42% Over Past Year as Competition Intensifies

Netflix is reportedly preparing for potential cuts affecting about 5% of its workforce, or roughly 800 jobs, as the streaming company faces weaker growth and increasing competition for U.S. television viewing. Netflix had about 16,000 full-time employees at the end of last year. The company has not identified the departments that could be affected, and the potential reductions have not been confirmed as a completed decision. The potential cuts would mark Netflix’s first major layoff round since 2022, when it eliminated hundreds of jobs during a period of slower growth and subscriber losses.

Source: TokenPost