Netflix Reports Q3 Earnings Amid Layoffs

Netflix is set to release its third quarter earnings report. The announcement comes shortly after the company laid off around 1,000 employees, which accounted for six percent of its total workforce.

The layoffs included the chief content officer and the head of film. Analysts interpreted the staff reductions as a reaction to a substantial decline in the company's stock price over the previous year and slower than expected growth in viewership compared to competitors like YouTube.

Peter Rice, who previously held executive positions at Disney and Fox, has been appointed as the replacement. During his time at Fox in 2018, Rice participated in negotiations for WWE's SmackDown broadcast rights.

Sports programming has helped reduce subscriber churn for streaming services. Netflix values its partnership with WWE for providing consistent year-round events.

The company faces challenges related to scale and future growth opportunities. Executives are expected to address these concerns and outline an optimistic strategy during the earnings call.

Upcoming NFL broadcasts on Netflix include a Thanksgiving Eve game featuring a U2 halftime performance and two Christmas Day matchups. The streamer will also air the FIFA Women's World Cup.