"Reed Hastings, who co-founded Netflix 29 years ago, announced he will not stand for re-election at the annual meeting in June, focusing on philanthropy and other pursuits."
"Hastings stated, 'My all-time favorite memory was January 2016, when we enabled nearly the entire planet to enjoy our service,' reflecting on Netflix's global impact."
"Netflix's stock dropped about 8% following Hastings' departure announcement, although the company reassured investors that its mission remains ambitious and unchanged."
"The company reported a revenue increase to $12.25 billion, a 16% rise from the previous year, modestly exceeding analyst forecasts of $12.18 billion."
Reed Hastings, co-founder of Netflix, is stepping down from his position and will not seek re-election at the annual meeting. He plans to focus on philanthropy. Netflix's stock fell 8% following the announcement. Hastings expressed gratitude for his time at Netflix, highlighting a memorable moment in 2016 when the service became globally accessible. The company reaffirmed its mission to entertain diverse audiences and reported a revenue increase to $12.25 billion, surpassing analyst expectations.
Read at www.theguardian.com
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