Netflix is laying off about 1,000 employees, or roughly 6% of its workforce, Variety, CNBC and TechCrunch reported Wednesday. Variety called it the company's biggest layoff to date.

Most of the cuts will hit product, technology, legal and human resources teams, the outlets reported. Co-CEOs Ted Sarandos and Greg Peters shared the news in a memo to staff Wednesday morning, which Variety and CNBC obtained.

"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," the co-CEOs wrote, Variety reported.

"Our business is strong and growing, and we remain on track to deliver our full-year forecast," they wrote, according to Variety. They said Netflix would keep investing "aggressively" in key areas.

Netflix had 16,000 full-time employees at the end of last year, according to its annual filing, TechCrunch reported.

Netflix has more than 325 million customers around the world, Variety said. Its shares were down 1.4% to $69.45 as of 11:30 a.m. Eastern time Wednesday, amid a broader market decline, Variety reported.

The cuts come a few weeks after Sarandos said at a Bloomberg conference that the company was "not growing as fast as I want," CNBC reported. YouTube has been Netflix's biggest threat, CNBC said. TechCrunch said Netflix also faces growing competition for viewers' time from TikTok, Instagram and other social apps.

TechCrunch noted that Netflix lost a bidding war for Warner Bros. Discovery's studio and streaming businesses to Paramount Skydance earlier this year.

Netflix is due to report its quarterly earnings on Oct. 20, the outlets said. Netflix told CNBC it had no further comment beyond the memo.

What we know: Netflix is cutting about 1,000 jobs, mostly in product, tech, legal and HR.
What we don't: How the cuts will affect Netflix's plans when it reports earnings next week.