Netflix reportedly plans layoffs affecting about 5% of employees

Puck’s Matthew Belloni reported on October 9, citing sources, that Netflix was preparing a restructuring affecting about 5% of employees. Based on an estimate of 17,000 employees worldwide, that would mean roughly 850 jobs. An announcement could come as early as the week of October 12, Belloni reported; Netflix declined to comment. Puck described the company as facing pressure from weakened engagement and a depressed stock price.