Reed Hastings, Netflix’s chair, will step down from the company he co-founded in 1997 and built from a DVD-by-mail service into a $450bn streaming giant.
The stock fell in after-hours trading after Netflix announced Hastings’ plans to leave the board in June and a weaker than expected financial forecast.
The sell-off came despite strong first-quarter results that were boosted by the $2.8bn break fee it received from Paramount following its decision to withdraw its bid for Warner Bros Discovery.
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