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Netflix is planning to lay off about 5% of its employees, according to a report by Puck News. Reuters relayed the report, which is based on sources familiar with the matter.
The company is expected to announce the layoffs as early as next week, the report said. Netflix declined to comment on the report.
Netflix’s last major round of layoffs took place in 2022, when the company’s growth slowed, and it lost subscribers. The company parted ways with hundreds of employees at the time.
Netflix had about 16,000 full-time employees at the end of last year.
Competition among streaming platforms is increasing, with YouTube taking a larger share of viewership and advertising revenue.
Netflix continues to operate in this environment.
The company is investing in advertising, live programming, and gaming to diversify its revenue beyond the subscription service.
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