Netflix co-founder Reed Hastings steps down after 29 years leading the streaming giant. The departure comes at a challenging time as Netflix faces slowing growth and competition pressures, with the failed Warner Bros Discovery merger in February adding to headwinds. The company reported earnings per share and quarterly revenue growth below analyst expectations, causing its stock to plunge approximately 9 percent on the announcement. Hastings, 65, will not seek re-election at the June annual meeting and plans to focus on philanthropy. Despite these challenges, Netflix ended last year with over 325 million paid members and an audience approaching one billion people. Co-CEO Greg Peters emphasized the company still has substantial room to grow in its addressable market.
