WASHINGTON (dpa-AFX) - Netflix (NFLX) is laying off roughly 6 percent of its workforce, or about 1,000 employees, as the streaming company looks to prioritise resources and control costs. The cuts will primarily affect its product, technology, legal and human resources teams.
Co-CEOs Ted Sarandos and Greg Peters told employees that Netflix's business remains strong and is on track to meet its full-year forecast, while the company continues investing in areas expected to drive growth and innovation.
The layoffs come weeks after Sarandos acknowledged that Netflix was not growing as quickly as he would like. While the company remains profitable and a dominant streaming player, viewing time has stagnated, with recent subscriber growth supported by its password-sharing crackdown and cheaper ad-supported plan.
Netflix has also expanded into live sports, documentaries and video games as it competes with YouTube and other streaming platforms. The company is scheduled to report quarterly earnings on October 20.
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