Netflix reportedly eyeing $300M cut to costs amid ongoing profit focus
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Netflix (NASDAQ:NFLX) is reportedly looking to cut some $300M in costs this year as it focuses on profitability even as rivals race toward making their own services profitable.
That's a small dent in Netflix's overall expense base, which last year came to about $26B. But it's been looking more closely at costs since last year's surprising decline in subscribers.
Netflix will trim those costs and urged staffers to be "judicious' with spending, including hiring, The Wall Street Journal reported -- but the company won't freeze hiring or pursue more layoffs.
The cost focus continues in part because of the delay in Netflix's password-sharing crackdown into the second quarter, the WSJ noted. That move suggested that new revenue from account sharing would be weighted to the back half of 2023.
Netflix stock (NFLX) was down 1.6% late Friday.
More on Netflix's password crackdown

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