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.
Also read: How to remove devices sharing your Netflix account
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.
Also read: How to set auto payment for your subscriptions on Paytm
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.