DUBAI: Netflix Inc. plans to cut its spending by $300 million this year, the Wall Street Journal reported on Friday, citing people familiar with the matter.
Company leaders urged staffers to be judicious with their spending, including in relation to hiring, but said there would be no hiring freeze or additional layoffs, according to the report.
Netflix declined to comment. Shares of the company were down nearly 2 percent in early trading.
Last month, Netflix beat estimates for first quarter but offered a lighter-than-expected forecast, demonstrating the challenges it faces in pursuit of growth.
The company said it shifted a wider launch of a plan to crack down on unsanctioned password sharing into the second quarter to make improvements.
As the streaming video pioneer faces signs of market saturation, it is exploring new ways to make money, such as password crackdown and a new ad-supported service.
Netflix in June also laid off 300 employees, or about 4 percent of its workforce, in the second round of job cuts aimed at lowering costs.
Netflix plans to cut spending by $300M this year – WSJ
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Netflix plans to cut spending by $300M this year – WSJ
- Company leaders urged staffers to be judicious with their spending, including in relation to hiring
- Shares of the company were down nearly 2% in early trading
Tunisian journalist Chatha BelHajj Mubarak freed after sentence cut
- The court cut her sentence from five years to two, making her eligible for immediate release, her brother told Reuters
TUNIS: A Tunisian appeal court on Wednesday ordered the release of journalist Chatha BelHajj Mubarak, jailed since 2023 in a conspiracy case, after reducing her prison sentence, her family said.
The court cut her sentence from five years to two, making her eligible for immediate release, her brother told Reuters.
She was convicted in the so-called “Instalingo” case, which involved politicians, media figures and other defendants accused of conspiracy and financial crimes. BelHajj Mubarak denied the charges.
“Chatha is free and leaving prison,” her brother, Amen BelHajj Mubarak, said.
He said her health had severely deteriorated during her time in prison. She suffered serious complications, including significant hearing loss, and was diagnosed with cancer in detention, he added.
Tunisian authorities have said the case stems from judicial investigations into alleged financial and security-related offenses, and have rejected accusations by opposition groups that the prosecutions were politically motivated.
Tunisian prosecutors are pursuing a number of high-profile conspiracy cases involving politicians, journalists and activists. Several opposition leaders have received lengthy prison terms.
