Netflix shares fell sharply on Friday after the streaming group issued a weaker-than-expected outlook and said chairman and co-founder Reed Hastings will step down from the board.
The stock fell by about 9% to 10% in early trading after Netflix forecast earnings per share for the current quarter below analysts’ expectations, and projected its slowest quarterly revenue growth in a year.
The news comes as Netflix seeks new ways to grow amid intensifying competition, and after a potentially transformative merger with Warner Bros Discovery fell through in February. Kathleen Brooks, research director at X-Trade Brokers (XTB), said, “This was unexpected news, and Hastings is seen as the DNA of the company.”
In a 14-page letter to shareholders, Netflix said Hastings, 65, will not stand for re-election at the annual meeting in June and will focus on philanthropy and other pursuits. Hastings co-founded Netflix 29 years ago and led its transformation from a DVDs-by-mail business into a global streaming giant, reshaping how audiences watch films and television.
“My real contribution at Netflix wasn’t a single decision,” Hastings wrote, but rather, “building a company that others could inherit and improve.”
Netflix is aiming to broaden its growth story beyond subscriptions, investing in advertising, live programming, sport and gaming, while also relying on price rises to boost revenue. The company said advertising revenue remains on track to reach $3 billion in 2026, roughly double the level a year earlier.
Co-chief executive Greg Peters said Netflix ended last year with more than 325 million paid members and is entertaining an audience approaching one billion people. “But even given that number, we still have plenty of room to grow into our addressable market,” he said.
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Warner Bros. Discovery shareholders have approved Paramount Skydance’s proposed takeover of the media group, advancing a deal valued at roughly $110 billion including debt in a move that could reshape Hollywood and the global entertainment industry.
South Korean pop sensation BTS, one of the world’s biggest music acts known for their record-breaking albums, global tours and devoted fanbase ARMY, will return to the spotlight in a new documentary, BTS: THE RETURN, premiering globally on Netflix on 27 March.
Netflix has announced a sequel to the hit animated film KPop Demon Hunters, with director Maggie Kang saying she is excited to show audiences what more is in store.
Paramount Skydance emerged as the winner in a months-long battle to acquire Warner Bros Discovery after streaming giant Netflix on Thursday refused to raise its bid for the storied Hollywood studio.
Bulgaria has won the Eurovision Song Contest for the first time, taking victory in a final overshadowed by a boycott over Israel’s participation and the war in Gaza.
At least eight people were injured after a driver rammed a car into pedestrians in the northern Italian city of Modena, authorities said on Saturday. Four of the victims were reported to be in serious condition.
U.S. President Donald Trump said Washington could destroy Iran’s infrastructure “in two days,” while Tehran warned the U.S. would face growing economic costs from the conflict. The remarks came as Hezbollah reported new attacks on Israeli forces despite an extended Lebanon ceasefire.
At least eight people have died and 32 others were injured after a freight train collided with a public bus at a railway crossing in Bangkok on Saturday (16 May), triggering a fire that quickly spread through the vehicle.
U.S. President Donald Trump says China's Xi Jinping agreed Iran must reopen the Strait of Hormuz, as Tehran prepares a new shipping mechanism. Tensions over the U.S. blockade and stalled nuclear talks continue to disrupt global oil supplies.
Negotiations between Samsung Electronics and its workforce on Wednesday have broken down, officials said, raising fresh concerns over potential disruption to South Korea’s export-heavy economy.
By the time American shoppers began noticing higher prices on everything from trainers to televisions, the world's two largest economies were already deep in a trade war that left the world wondering how it would end.
The Strait of Hormuz remains a vital maritime chokepoint and serves as the primary artery linking the Persian Gulf to international energy markets. With approximately 20% of global oil and gas shipments transiting this waterway, it is the backbone of energy security for Asia, Europe, and beyond.
China’s exports grew faster than expected in April, as overseas buyers moved quickly to secure supplies amid fears that the conflict involving Iran could drive up global energy and transport costs.
Asian stocks surged to record highs on 7 May as investors priced in growing hopes of a potential Middle East peace deal, while oil prices eased and the U.S. dollar weakened amid shifting global risk sentiment.
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