Netflix cuts 1,000 jobs amid rising competition and growth concerns

Netflix is set to reduce its workforce by approximately 1,000 employees, or 6 percent of its total staff, due to slower revenue growth and reports of a decline in viewing time on its streaming platform, according to US media reports. Co-CEOs Ted Sarandos and Greg Peters acknowledged the challenge in an internal memo, stating that the company must be disciplined about prioritizing people and resources.

Despite being a dominant player in the video streaming market, Netflix is now experiencing a slowdown in growth, with revenue increasing by 13.4 percent in the second quarter, slower than the 16.2 percent growth in the first quarter. The company predicts 11.7 percent growth in the third quarter. Analysts note that even top streaming companies can face stagnation and financial difficulties, with Netflix expanding its sports roles but cutting back during a time when revenue is more crucial than subscriber additions. The stock price has dropped by 15 percent since the beginning of the year.