Netflix plans biggest layoffs in four years, cutting up to 5% of staff

Netflix is preparing to cut roughly 5% of its workforce, about 800 of its 16,000 employees, according to reports. The stock is down 22.74% year to date amid slowing revenue growth; earnings are due October 20.

• Layoffs could hit about 800 of Netflix's 16,000 employees
• NFLX shares are down 22.74% year to date vs Nasdaq's 17.78% gain
• Netflix last cut 3% of staff in 2022
• Next earnings report is scheduled for October 20