Netflix became a ubiquitous streaming service with a simple formula: offer must-watch TV and movies using industry-leading technology at a price point below cable or other entertainment alternatives.

Speaking to investors on Tuesday, after laying off roughly 1,000 employees (6% of its global workforce, including a dismissal of chief content officer Bela Bajaria) while facing a stock slump that has seen Netflix’s share price fall 47% year-on-year, co-CEO Ted Sarandos reiterated the company’s strategy has not changed.

“It’s always been, and it continues to be to combine best-in-class entertainment with industry-leading discovery, global distribution and the best possible monetization,” he said. “We want to be the…