Netflix posted its slowest quarterly revenue growth in three years, The Information reported on Oct. 20 local time.

The report said Netflix's third-quarter revenue rose 11.8 percent from a year earlier to $12.9 billion. That was in line with the company’s own forecast.

Netflix forecast full-year revenue this year at $51.5 billion, up 13 percent. That was slightly below the midpoint of its previous 13 to 14 percent growth forecast.

Netflix shares fell 5 percent in after-hours trading.

Netflix last week announced the departure of Chief Content Officer Bella Bajaria (벨라 바자리아). There was also a report that it cut staff by 6 percent.

Netflix generates most of its revenue from subscription fees. It is also expanding its advertising business after introducing a cheaper ad-supported plan in November 2022. Netflix lowered its ad revenue forecast for this year to about $2.7 billion from about $3.0 billion. The company said the launch of some ad product features was delayed beyond expectations. Netflix plans to roll out the ad plan to an additional 15 countries from March next year.

In recent years, U.S. users have spent less time watching Netflix. In a letter to shareholders, Netflix acknowledged investor concerns about the growth trend in viewing time but said user engagement remained healthy.