This is not correct. Length contraction, as a concept, doesn't apply to photons, because there is no inertial frame in which they are at rest. Or, to put it another way, length contraction and time dilation arise from the way that Lorentz transformations act on timelike and spacelike vectors; they rotate them (in the hyperbolic sense of "rotation"). But Lorentz transformations act differently on null (lightlike vectors): they don't rotate them, they dilate them (physically, this means that changing frames changes the frequency/wavelength of photons, rather than their speed).