Netflix plans to cut spending by $300 million this year

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 per cent 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.