Reed Hastings Steps Down, Netflix Plots New Growth

0:00It's April 6th. You're listening to US News Today, AI-powered coverage from across America. I'm Corey with the story. Netflix co-founder and chairman Reed Hastings is stepping down after 29 years with the company. He's not running for re-election at the annual meeting in June and wants to dive into philanthropy and other projects. This comes as Netflix bounces back from scrapping its massive $72 billion deal with Warner Bros. Discovery. In a letter to investors released Thursday, Netflix laid out his steady path forward. The mission stays the same, entertain the world with movies and series for every taste, culture, and language. Full year outlook holds firm. No changes there. Word of Hastings exit hit hardshares dropped about 8% right away. Still, the company showed strength in its first quarter with earnings per share hitting $1.23 up from $0.66 last year. Revenue climbs 16% to $12.25 billion, beating expectations of $12.18 billion.

1:02They pocketed a $2.8 billion termination fee from the Warner Bros. split, boosting the bottom line. Netflix's eye and grow through video podcasts, live events like the World Baseball Classic in Japan, and tech upgrades for better user experience, and ad sales. Ad revenues on pace to double to $3 billion by 2026, keeping the momentum rolling as they build out these new fronts.