Netflix's latest round of job cuts revealed just how much the company has shrunk in the last 6 months

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Netflix's latest round of job cuts revealed just how much the company has shrunk in the last 6 months
The Netflix logo is displayed on a smartphone screen.Rafael Henrique/SOPA Images/LightRocket via Getty Images
  • Netflix conducted more layoffs this week, cutting 300 positions, or 3 percent of its workforce.
  • That would mean it had 10,000 staffers before the layoffs — but it had over 11,000 coming into 2022.
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Netflix's latest round of layoffs eliminated 300 positions on Thursday as the company grapples with slowing revenue growth.

Losing 3 percent of its 10,000-person workforce means it's now around 9,700.

But as Matt Belloni of Puck News pointed out in the Thursday edition of his "What I'm Hearing" newsletter, Netflix said in its latest annual report that its headcount of full-time employees was 11,300 as of December 31, 2021.

That would mean that Netflix has lost a total of 1,600 staffers, or 14 percent of its workforce so far this year.

This wasn't the first round of layoffs at Netflix in 2022. In May, it laid off 150 staffers (and, additionally, has fired roughly 150 contractors so far this year, as Bloomberg's Lucas Shaw noted).

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But the previous cuts still wouldn't account for such a decline in Netflix's headcount since the start of 2022, meaning many more have seemingly departed the company on their own.

A Netflix spokesperson did not immediately return a request for comment.

Netflix's current workforce of 9,700 is closer to what it was by the end of 2020. In its annual report for that year, Netflix said it had 9,400 full-time employees as of December 31, 2020.

But it peaked in 2021, adding nearly 2,000 employees throughout the year.

Here's how many global full-time staffers Netflix had by the end of each of the previous five years, according to its annual reports:

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  • 2021: 11,300
  • 2020: 9,400
  • 2019: 8,600
  • 2018: 7,100
  • 2017: 5,500

With 220 million subscribers around the world, Netflix is still the top streaming service. But in Q1, it lost 200,000 subscribers, its first loss in a decade, and is expecting to lose another 2 million in Q2.

In its Q1 note to investors, it blamed the economic strains of the pandemic and password sharing on the loss. Netflix estimates that 100 million households are using Netflix through a password shared with them without paying for the service themselves.

The company also acknowledged that rising streaming competition could have played a role, as new services like Disney+ and HBO Max have seen impressive subscriber additions.

In response to the slowing growth, Netflix is planning to introduce an ad-supported plan, something it had previously pushed back against but most of its streaming competition has embraced. It also said in its latest earnings report that it would find ways to monetize account sharing.

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