Netflix will cut about 1,000 jobs—6% of its workforce—amid slower growth

Netflix will cut about 1,000 jobs, or 6% of its workforce, according to reports from several media outlets on Wednesday, at a time when the streaming platform is experiencing slower growth.

When contacted by AFP, the company did not immediately respond.

"Our mission—to entertain the world—is ambitious, and delivering on it requires us to be disciplined about where we prioritize our people and resources," wrote co-CEOs Ted Sarandos and Greg Peters in an internal memo.

Now firmly established at the top of the video streaming market, Netflix can no longer grow at the same pace as before.

In the second quarter, revenue increased by 13.4% compared to the same period last year, down from the 16.2% growth recorded in the first quarter.

The company, headquartered in Los Gatos, Calif., forecasts 11.7% growth in the third quarter, which has just ended.

Several media outlets reported a decline in the amount of time users spend on the platform, following years of uninterrupted growth.

In early July, Bloomberg reported that the average viewership for a series drops after the first season.

"Netflix's layoffs show that even the top streaming companies are not immune to stagnation and financial difficulties," said Emarketer analyst Ross Benes.

"While the company will expand its sports roles, it's cutting back at a time when revenue matters much more than subscriber additions," he noted. "With pressure mounting, Netflix will look to turn the tide by getting a boost from low-cost content."

The company's stock has fallen 15% since the beginning of the year.