According to the Wall Street Journal, Netflix Inc. (NFLX.O) will slash $300 million in spending this year.
According to the report, company officials advised employees to be frugal, especially with hiring, but there would be no hiring freeze or layoffs. Netflix declined to comment. Early trade saw business shares drop nearly 2%.
Netflix topped first-quarter projections but gave a lower prediction last month, showing its growth challenges.
The corporation delayed a wider deployment of a password-sharing crackdown until the second quarter to improve.
As market saturation approaches, the streaming video pioneer is exploring additional revenue streams via password restrictions and an ad-supported service. In June, Netflix’s second round of cost-cutting layoffs affected 300 workers, or 4% of the staff.