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.
Articoli correlati
Cerebras Files for IPO as OpenAI Deal Expands to Over $20B
Cerebras, an Nvidia-backed chipmaker, plans to file for an IPO on April 18, pivoting to provide cloud computing power after a lucrative partnership with OpenAI. The IPO comes amid significant investment in AI chip startups and rising valuations.
GateNews1h fa
Crypto Miner HIVE Targets $75 Million Offering to Fund AI Expansion
HIVE Digital Technologies aims to raise $75 million through exchangeable notes to expand into data centers and AI infrastructure, shifting from crypto mining. The funds will support capital investments, despite recent financial losses.
Coinpedia2h fa
China's Yuanjie Hits Record High as Chipmakers Rally on Strong AI Demand; TSMC Posts 58% Profit Jump
Yuanjie, a Chinese laser chip company, surged 9.6% to top China's stock market, surpassing Kweichow Moutai, which faced its first sales decline in 20 years. Global chipmakers like TSMC posted strong earnings driven by AI demand, while European startups pursue Nvidia alternatives amid new U.S. tech restrictions on China.
GateNews3h fa
XRP ETFs Surpass $1B in Total Net Assets on Strong Institutional Inflows
XRP exchange-traded funds (ETFs) have exceeded $1.08 billion in net assets, driven by significant institutional demand and daily inflows. Bitwise holds the largest share with $313.69 million, indicating strong market interest in XRP investments.
GateNews3h fa
Figure Faces Short Seller Accusations Over Blockchain Integration Claims; FIGR Stock Down 53% From January Peak
Figure Technology Solutions faced allegations from Morpheus Research of overstating its blockchain technology use, resulting in a significant drop in share prices. Figure defended its operations, highlighting its digital asset features and strong performance metrics.
GateNews4h fa
Alcoa in Advanced Talks to Sell Massena Smelter Site to Bitcoin Miner NYDIG
Alcoa Corp. is negotiating to sell its Massena East smelter site in New York to Bitcoin mining firm NYDIG, with a deal anticipated to close mid-year as part of Alcoa's asset divestiture strategy.
GateNews4h fa
