Netflix is reportedly preparing a round of layoffs in response to pressure from weakened user engagement and a depressed stock price, according to sources.
The cuts would affect about 5% of the workforce. That amounts to approximately 850 jobs. A Netflix representative declined to comment.
The potential restructuring could be announced as early as next week. Netflix's last significant public layoff came in 2022, when about 150 employees were let go amid slowing growth.
The news comes ahead of Netflix's earnings call on October 20. Investors will be looking for management's plans to address slowing engagement and improve the company's stock performance.