FORTUNE TECH : NETFLIX ISSUES ITS BIGGEST LAYOFF IN FOUR YEARS

What happened: Netflix is eliminating roughly 1,000 jobs, about 6% of its workforce, in a restructuring announced Wednesday. The cuts fall largely on its product, technology, legal, and human resources teams. Key numbers: About 1,000 jobs cut, 6% of workforce. Why it matters: Co-CEOs Ted Sarandos and Greg Peters framed the cuts as a question of priorities, saying the business is strong and growing and the company remains on track to deliver its full-year forecast. Sarandos acknowledged the slowdown last month, saying Netflix is not growing as fast as he wants.

Netflix is eliminating roughly 1,000 jobs, about 6% of its workforce, in a restructuring announced Wednesday. The cuts fall largely on its product, technology, legal, and human resources teams.

Co-CEOs Ted Sarandos and Greg Peters framed the cuts as a question of priorities, saying the business is strong and growing and the company remains on track to deliver its full-year forecast. Sarandos acknowledged the slowdown last month, saying Netflix is not growing as fast as he wants.