Netflix is planning a large round of layoffs, according to reports Friday.

The streaming company is preparing a restructuring that would affect about 5% of its staff, Variety reported, citing a news report based on unnamed sources. Variety said the cuts "could be announced as early as next week." A Netflix spokesperson declined to comment, and it is not clear which teams would be hit hardest.

Netflix said it had about 16,000 full-time workers at the end of 2025. A 5% cut would mean about 800 jobs, Variety calculated. About 68% of the company's workers are in the U.S. and Canada.

Word of the cuts began spreading Thursday afternoon, Deadline reported, with sources calling them big. The timing was unclear. Some expected layoffs to start as soon as Friday.

Netflix's last major layoffs came in 2022, when it cut about 450 jobs after losing 200,000 subscribers in one quarter. Since then it has made smaller cuts, including several dozen jobs on its product team earlier this year.

The company is still growing, but not as fast as its leaders want. Co-CEO Ted Sarandos said at a Bloomberg conference last month that revenue grew by double digits in every region in the second quarter. "Yes, overall, we're not growing as fast as I want us to, and we're working on making that move faster," he said.

Viewer engagement rose only 2% in the first half of 2026, Variety reported. Sarandos said live events take about 5% of Netflix's content budget but make up only about 1% of viewing. Netflix stock has dropped more than 40% over the past year, Deadline reported.

Netflix reports its third-quarter results after the market closes on Tuesday, Oct. 20.

What we know: Reports say Netflix plans to cut about 5% of staff.
What we don't: Which departments will be affected and when.