Reed Hastings Steps Down From Netflix Board After Nearly 30 Years. The streaming giant's co-founder is exiting the boardroom in June to focus on philanthropy and board roles at Bloomberg and Anthropic. The departure comes at a challenging moment for Netflix, as shares tumbled over 8% following weaker-than-expected guidance and slimmer projected margins for Q2, despite strong first-quarter results showing 16% revenue growth to $12.25 billion and net income jumping 83% to $5.28 billion. The timing is particularly notable given Netflix's failed acquisition attempt of Warner Bros. Discovery. CEO Ted Sarandos and Greg Peters will continue leading the company, which credits subscriber gains, price increases, and its expanding ad tier for recent performance.
