In a big development for the tech and entertainment industry, world-famous streaming platform Netflix is preparing to launch a major round of job cuts. Reports reveal that the company is planning to reduce its workforce by about 5 percent. This sudden decision could impact between 800 and 850 employees globally.
An official announcement regarding these layoffs is expected as early as next week, just days before the company reports its third-quarter financial results. While Netflix has not officially confirmed the report yet, industry experts believe the company is facing heavy pressure due to slowing viewer engagement and growing competition from rival streaming platforms and free media like YouTube.
Top officials at Netflix recently admitted that company growth has not been as fast as expected. To control operational costs and improve profitability, the management is looking to restructure its teams. It is still not clear which specific departments or global regions will face the maximum heat of these layoffs. If implemented, this will mark the biggest job cut at Netflix since 2022, when it laid off over 450 workers. The sudden announcement has created deep worry among tech professionals, especially Indian IT workers employed in global roles across the tech sector, as job security concerns continue to rise nationwide.
