Netflix Cuts 6% of Staff and Reaffirms Guidance Amid Growth Concerns

Netflix is laying off approximately 6% of its global workforce as Co-CEO Ted Sarandos noted the company is not expanding as quickly as desired ahead of earnings. Despite the headcount reduction, management reaffirmed through an internal memo that it remains on track to meet full-year revenue growth guidance of 13% to 14%, totaling about $51 billion. The restructuring follows the appointment of a new Chief Content Officer to streamline operations. Netflix shares have fallen over 25% year-to-date, trading at a forward price-to-earnings multiple under 19.