Netflix Plans to Cut Spending by $300 Million This Year: Report
Last Updated: May 13, 2023, 05:12 IST
Netflix in June additionally laid off 300 workers, or about 4% of its workforce, within the second spherical of job cuts aimed toward reducing prices.
Company leaders urged staffers to be considered with their spending, together with in relation to hiring, however mentioned there can be no hiring freeze
Netflix Inc plans to chop its spending by $300 million this yr, the Wall Street Journal reported on Friday, citing individuals acquainted with the matter.
Company leaders urged staffers to be considered with their spending, together with in relation to hiring, however mentioned there can be no hiring freeze or extra layoffs, in line with the report.
Netflix declined to remark. Shares of the corporate have been down practically 2% in early buying and selling.
Last month, Netflix beat estimates for first quarter however provided a lighter-than-expected forecast, demonstrating the challenges it faces in pursuit of progress.
The firm mentioned it shifted a wider launch of a plan to crack down on unsanctioned password sharing into the second quarter to make enhancements.
As the streaming video pioneer faces indicators of market saturation, it’s exploring new methods to earn money, comparable to password crackdown and a brand new ad-supported service.
Netflix in June additionally laid off 300 workers, or about 4% of its workforce, within the second spherical of job cuts aimed toward reducing prices.
(This story has not been edited by News18 workers and is printed from a syndicated news company feed)
Source web site: www.news18.com
