Netflix restructuring could affect ~5% of employees, Puck reports
Puck reports that Netflix (NFLX) is considering a restructuring that could impact roughly 5% of employees and could be announced as early as next week, citing sources.
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11:53:00 AM UTC
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more on NFLX Netflix is reportedly preparing to cut approximately 850 jobs, or 5% of its 17,000-person workforce, as part of a restructuring expected to be announced next week, according to Puck News. * Restructuring: The layoffs remain unconfirmed and come amid stock pressure, slowing viewer engagement and concerns over the company's growth strategy. * Acquisition setback: Netflix's unsuccessful $72B bid for Warner Bros. Discovery added to questions about its expansion plans. * AI investment: Netflix acquired AI filmmaking startup InterPositive in March in a deal potentially worth up to $600M, including performance-based payments. No direct connection to the reported layoffs has been established. * Upcoming earnings: Netflix reports results October 20, when investors will look for updates on growth, restructuring and management's strategy.