Brief
Netflix co-CEOs hint at possible 5% staff cuts ahead of Q3 earnings
Sources say Netflix could trim up to 5% of its 16,000‑strong workforce before its third‑quarter results on Oct. 20.
By Felo News Desk · Published
Netflix is reportedly preparing a restructuring that could involve layoffs of roughly 5% of its workforce, according to sources cited by The Hollywood Reporter. The streaming giant, which employs about 16,000 people – 10,900 of them in the United States – is set to release its third‑quarter earnings on Oct. 20.
Co‑CEOs Ted Sarandos and Greg Peters have hinted at the need to accelerate growth. At Bloomberg’s Screentime event on Sept. 30, Sarandos said, “Overall, we’re not growing as fast as I want us to, and we’re working on making that move faster,” adding that the business is “great and growing fine.”
The potential cuts come as Netflix’s stock has fallen about 20% year‑to‑date, and the company faces heightened competition from platforms such as YouTube. Analysts have noted that austerity measures at publicly traded companies have been rewarded by Wall Street in recent years.
Netflix declined to comment on the rumors on Friday. If implemented, the layoffs would be larger than the company’s routine staff adjustments, which have historically been part of founder Reed Hastings’s “No Rules Rules” philosophy.
Key facts
- Netflix employs about 16,000 people, 10,900 in the U.S. (hollywoodreporter.com)
- Co‑CEOs hinted at possible 5% staff cuts. (hollywoodreporter.com)
- Netflix’s stock is down roughly 20% year‑to‑date. (hollywoodreporter.com)
- Third‑quarter earnings are scheduled for Oct. 20. (hollywoodreporter.com)
- Sarandos made the growth comment at Bloomberg’s Screentime event on Sept. 30. (hollywoodreporter.com)
Sources
- [1] hollywoodreporter.com — originally reported as “The Netflix Ax Is Coming as Stock Languishes”
