Netflix shares slide to their lowest price in two years after the US streaming giant cuts its advertising forecast

Netflix shares are down 26% this year and set to erase about $17 billion in market value, with at least 14 brokerages cutting their price targets after the streaming giant slashed its advertising forecast.

Co-CEO Ted Sarandos admitted Netflix needs "better execution in the US" as the company also moves to cut around 1,000 jobs — roughly 6% of its workforce.

The stock fell 6% in premarket trading on Wednesday and is down more than 26% this year, putting about $17 billion of market value at risk. At least 14 brokerages have lowered their price targets since Tuesday's results. Co-CEO Ted Sarandos admitted 'we do need better execution in the U.S.' Netflix has also cut about 6% of its workforce, reportedly around 1,000 jobs.

Chief content officer Bela Bajaria was ousted last week, and Peter Rice starts on 26 October.

Netflix lost a bidding war for Warner Bros Discovery earlier this year.

Sarandos insisted: 'There is no need for a fundamental shift in the strategy.'

AOL News UKNetflix shares drop on slowing engagement and revenue growth Financial TimesNetflix’s $300bn problem: lack of hits piles pressure on streaming giant NY PostNetflix’s Wall Street slump continues following exec shuffle as jittery investors push stock to lowest price in 2 years ReutersNetflix slides as weak profit, ad outlook intensify investor anxiety Hollywood ReporterNetflix: “We Need Better Execution” in U.S., and Peter Rice Can Deliver It NY PostNetflix shares tank 7% as streamer reports slower revenue growth, issues weak forecast The IndependentNetflix shares plunge as streaming giant suffers growth slowdown

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