Gate News message, April 17 — Reed Hastings, co-founder and chair of Netflix, will step down from the company’s board in June, ending nearly 30 years at the streaming giant that he transformed from a DVD-by-mail service into a $450 billion business. Netflix announced the departure in its first-quarter earnings report on Thursday, which disappointed investors and sent the stock price down 9.6% in after-hours trading.
The company’s Q2 earnings per share guidance of 78 cents fell short of Wall Street’s expected 84 cents, adding to market disappointment. Netflix had previously pursued an $83 billion deal to acquire WBD’s studio and streaming assets but withdrew from the transaction in February. Co-CEO Ted Sarandos said the company was willing to walk away when “the cost of this deal grew beyond the net value to our business.”
Hastings, a prominent Democratic donor who runs the Hastings Fund focused on education and social equity, said he wants to focus on his philanthropy and other pursuits. He had already begun stepping back from day-to-day operations in 2020 when he appointed Ted Sarandos as co-CEO; Greg Peters joined Sarandos in the role in 2023. With Hastings’ departure, Netflix enters a new era led by Sarandos and Peters as they navigate challenges including audience engagement, adaptation to Hollywood changes, and strategic priorities following the failed WBD acquisition.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
XRP Breaks Above $1.40 as Spot ETF Inflows Hit $17.6M Milestone
XRP breaks $1.40 after Ripple partnership boosts investor confidence and market momentum.
Spot XRP ETFs record $17.6M inflows, signaling rising institutional demand and interest.
Technical indicators show resistance ahead, with support holding near $1.40 and $1.3840.
Ripple’s XRP is
CryptoNewsLand1h ago
SIX Taps Chainlink to Deliver Equities Data Onchain
SIX has integrated Swiss and Spanish equities data onchain via Chainlink's DataLink, enhancing access to over 75 blockchain networks. This allows the use of verified market data in various digital finance products, meeting growing institutional demands for reliable data.
CryptoFrontNews1h ago
Strategy Plans Bi-Monthly STRC Dividend Payments Shift
Strategy plans to shift STRC dividend payments from monthly to semi-monthly to improve liquidity and allow faster reinvestment for shareholders. The proposal keeps the annual yield at 11.5% but awaits shareholder approval amid criticisms regarding its Bitcoin exposure.
CryptoFrontNews1h ago
Bitwise Debuts Avalanche ETF Offering 5.4% Staking Yield
Bitwise is launching an Avalanche ETF, BAVA, on April 15, 2026, offering investors 5.4% staking yield while allocating 80% of assets to AVAX. The fund targets institutional uses of Avalanche, enhancing liquidity and low fees.
CryptoFrontNews3h ago
Tech's $330B Debt Maturity Wall Hits Refinancing Crunch in 2028
The technology sector faces a significant debt refinancing challenge as $330 billion in high-yield bonds, leveraged loans, and business development company-linked debt matures through 2028, with the majority of this debt issued during the pandemic's near-zero interest rate era. According to the
CryptoFrontier9h ago
Manycore Tech Lists on Hong Kong Exchange at HK$7.62, Raises US$157M
Manycore Tech, a Hangzhou-based spatial AI firm, successfully launched on the Hong Kong Stock Exchange, raising US$157 million. The company's stock opened significantly higher, reflecting strong investor demand and a turnaround to profitability after years of losses.
GateNews10h ago
