Netflix (NASDAQ:) is planning on reducing spending by $300 million in 2023, according to a report from The Wall Street Journal on Friday.
It states that people familiar with the matter told the streaming giant is continuing its push to improve profitability and is looking to cut costs with its plans to crack down on password sharing pushed back from Q1 to Q2.
Furthermore, the report says that in an internal meeting earlier this month, Netflix leaders encouraged employees to be wise with their spending, including with hiring. However, they noted there won’t be a hiring freeze or additional layoffs.
Netflix recently said it has delayed its crackdown on password-sharing in order to give it time to learn which method was best for members and the business. As a result, WSJ sources told the publication that revenue from the change is now expected to come toward the second half of the year.
Netflix shares are up over 13% in 2023, although the stock is down over 1% on Friday.
