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The company\u2019s stock plunged about 8 percent on the news of Hastings\u2019s departure.<\/em><\/p>\n<\/div>\n Published On 16 Apr 2026<\/span>16 Apr 2026<\/span><\/p>\n<\/div>\n<\/div>\n Netflix Chairman Reed Hastings is leaving the streaming service he cofounded 29 years ago as the company regains its footing after it lost its $72bn deal for Warner Bros Discovery to Paramount Skydance.<\/p>\n In a letter to investors released on Thursday, Netflix said Hastings will not stand for re-election at its annual meeting in June and plans to focus on philanthropy and other pursuits.<\/p>\n list of 4 items<\/span>end of list<\/span><\/section>\n The company\u2019s stock plunged about 8 percent on the news of Hastings\u2019s departure. The cofounder is credited with helping to revolutionise how movies and television shows are delivered in homes, upending Hollywood\u2019s business model.<\/p>\n \u201cNetflix is growing revenues double-digits, expanding margins in 2026 and gushing free cash flow,\u201d said LightShed Partners media analyst Richard Greenfield. \u201cWhile the Q1 was uneventful financially, the departure of Reed Hastings has spooked investors.\u201d<\/p>\n Netflix reaffirmed in a 14-page shareholder letter that its mission remains \u201cambitious and unchanged\u201d \u2013 to entertain the world, providing movies and series for many tastes, cultures and languages. The company\u2019s full-year outlook remained unchanged.<\/p>\n The company did not say how it plans to spend the $2.8bn termination fee it received after losing the Warner Bros movie studio and HBO, and lifted its earnings per share to $1.23 in the first quarter compared with 66 cents per share in the same quarter last year.<\/p>\n Revenue rose to $12.25bn, an increase of 16 percent from the year-ago period, modestly exceeding analyst forecasts of $12.18bn.<\/p>\n Netflix, which long told investors that a Warner Bros acquisition was a \u201cnice to have, not need to have\u201d proposition, highlighted areas of future growth.<\/p>\n The company said its investment in expanding its entertainment offerings, with video podcasts and live entertainment \u2013 such as the World Baseball Classic in Japan \u2013 is driving engagement.<\/p>\n It plans to use technology to improve the user experience and improve monetisation, as advertising revenue remains on track to reach $3bn in 2026 \u2013 a twofold increase from a year ago.<\/p>\n<\/div>\n The company\u2019s stock plunged about 8 percent on the news of Hastings\u2019s departure. Published On 16 Apr 202616 Apr 2026 Netflix Chairman Reed Hastings is leaving the streaming service he cofounded 29 years ago as the company regains its footing after it lost its $72bn deal for Warner Bros Discovery to Paramount Skydance. In a […]<\/p>\n","protected":false},"author":1,"featured_media":19287,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-19286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-canada-news"],"_links":{"self":[{"href":"https:\/\/inernews.online\/index.php?rest_route=\/wp\/v2\/posts\/19286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/inernews.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/inernews.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/inernews.online\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/inernews.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19286"}],"version-history":[{"count":0,"href":"https:\/\/inernews.online\/index.php?rest_route=\/wp\/v2\/posts\/19286\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/inernews.online\/index.php?rest_route=\/wp\/v2\/media\/19287"}],"wp:attachment":[{"href":"https:\/\/inernews.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/inernews.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/inernews.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Recommended Stories <\/h2>\n
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