Netflix Is Reportedly Cutting 5% of Its Staff. Its 2022 Layoffs Came Days After the Stock Bottomed.

Netflix is reportedly cutting 5% of its staff, totaling around 250 jobs, according to a report by The Hollywood Reporter. The layoffs come just days after the company's stock hit a 52-week low. The company's spending outside of content is growing faster than its sales, raising concerns about its financial health.