Streaming platform Netflix plans to lay off approximately 1,000 employees, or 6% of its workforce, according to US media reports Wednesday, amid a slowdown in the company's growth.
The company has not yet responded to AFP's request for comment.
Co-CEOs Ted Sarandos and Greg Peters wrote in an internal memo, according to several US media outlets, "Our mission to entertain the world is ambitious, and achieving it requires us to be disciplined in how we prioritize people and resources."
Netflix, which has established itself as a leader in the video streaming market, is no longer able to achieve the same growth rates it previously recorded.
In the second quarter of this year, revenue rose 13.4 percent compared to the same period last year, slower growth than the 16.2 percent recorded in the first quarter.
The company expects revenue to grow by 11.7 percent in the third quarter.
Media outlets reported that the time users spend on the platform has declined after years of continuous growth.
“The layoffs at Netflix show that even the biggest streaming companies are not immune to recession and financial difficulties,” said Ross Binnis, an analyst at eMarketer.
He added, “While the company continues to expand in the sports sector, it is cutting back on spending at a time when revenue has become far more important than increasing subscriber numbers.”
Netflix shares have fallen 15 percent since the beginning of the year.
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