Netflix to cut $300 million in spending

COLUMBIA, S.C. (CNN)— Streaming giant Netflix is reportedly looking to cut its spending by $300 million this year.

That’s according to a new report from the Wall Street Journal.

The Journal says Netflix is trying to improve it’s profitability in an increasingly competitive market.

Unlike most of its rivals that are still losing money on streaming, Netflix has been turning a profit for several years.

Although it reported its first-ever loss of subscribers last year, Netflix stock is up 17% in 2023.