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Netflix co-CEO Reed Hastings Resigns from his Post

Netflix co-CEO Reed Hastings Resigns

In order to transfer the keys over to longtime partner and co-CEO Ted Sarandos and chief operating officer Greg Peters, Netflix Inc. co-founder and CEO Reed Hastings resigned from his position as the company’s chief executive.

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Netflix co-CEO Reed Hastings Steps Down: Key Points

  • In after-hours trading, Netflix shares increased 6.1% to $335.05 as the pioneer of streaming video also revealed that it had gained more customers than anticipated at the end of the previous year.
  • As a result of losing consumers in the first half of 2022, the company has been under pressure.
  • Its stock, once a favourite on Wall Street, has decreased by about 38% in the previous 12 months.
  • Hastings will serve as executive chairman and share the role of chief executive with Sarandos and Peters.
  • The decision, which is the result of ten years of board succession planning, is effective right away.
  • Peters and Sarandos both received promotions in July 2020, which came at a difficult time for the business.
  • Hastings left as Netflix announced that it added 7.66 million subscribers in the fourth quarter, above Wall Street expectations of 4.57 million thanks to the success of “Harry & Meghan” and “Wednesday” in the competition to draw viewers for streaming television.
  • However, earnings per share were only 12 cents, falling short of the 45 cents that Refinitiv’s poll of analysts had predicted.

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Netflix Subscription Growth

Through March, Netflix predicted “moderate” subscription growth. With the aid of new revenue streams, it anticipated 4% year-over-year growth in revenue during the term.

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Netflix Ups and Down in Customer Growth

Customers stopped using Netflix in the first half of 2022. The second half saw a return to growth, but the rate of new client additions is still below that of recent years.

In November, Netflix launched a less expensive, ad-supported option in 12 nations to jumpstart growth. Plans to cut down on password sharing have also been made public.

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