Netflix plans to cut $300 million this year
Streaming giant Netflix is reportedly looking to cut its spending by $300 million this year, according to a new report from the Wall Street Journal.
The Wall Street Journal also said Netflix is trying to improve its profitability in an increasingly competitive market.
Unlike most of its rivals who are still losing money on streaming, Netflix has been turning a profit for several years. This is despite its first-ever loss of subscribers last year.
Netflix stock is up 17% in 2023.
The Wall Street Journal said a Netflix spokesperson had no comments on the news.
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