Netflix’s Founder & CEO Reed Hastings is Stepping Down


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Today it was announced that Reed Hastings, the founder of Netflix, is stepping as CEO and will become the Executive Chairman at Netflix.

This news came as Netflix announced its 4th quarter 2022 earnings. Netflixed missed on earnings but got more new subscribers than expected.

In Reed Hastings’s place, Ted Sarandos and Greg Peters will be co-CEOs.

Netflix had $7.85 billion in revenue and added 7.66 million new paid subscribers in the 4th quarter of 2022. Netflix did say, though, that it will no longer give guidance on what it expects to add each quarter. Instead, Netflix plans to focus on revenue as its primary metric instead of membership growth.

Netflix subscriber growth has been strong recently. After losing subscribers, Netflix has turned that around and added 2.4 million in the 3rd quarter and now 7.66 million in the 4th quarter, far higher than the 4.57 million that was expected.

Netflix now has over 230 million subscribers worldwide.

This is breaking news more is coming soon.

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