Netflix plans to cut spending by $300 million in 2023: Report

Netflix has planned to slash its spending by $300 million in 2023, a report by the Wall Street Journal revealed. Sources familiar with the matter told WSJ that the company heads urged the employees to be judicious about their spending, including hiring.

However, this would not result in a hiring freeze or additional layoffs. According to a Reuters report, the streaming platform declined to comment about its cost-cutting measure.

The company laid off 300 employees of its employees in June, about 4 per cent of its workforce, in the second round of job cuts aimed at lowering costs. In February this year, Netflix slashed its subscription cost in select countries.

Former CEO of Yahoo Marissa Mayer recently commented that Yahoo should have bought Netflix or Hulu and not Tumblr in 2013. She, as the CEO by then, recalled that Netflix was valued at $4 billion during that time. The Hindu BusinessLine