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The company’s shares fell by about 8 percent due to the news of Hastings’ departure.<\/em><\/p>\n<\/div>\n Published on 16 April 2026<\/span>16 April 2026<\/span><\/p>\n<\/div>\n<\/div>\n Netflix Chairman Reed Hastings is leaving the streaming service he co-founded 29 years ago, as the company looks to regain its hold after losing a $72 billion deal with Warner Bros. Discovery to Paramount Skydance.<\/p>\n In a letter issued to investors Thursday, Netflix said Hastings will not stand for re-election at its annual meeting in June and plans to focus on philanthropy and other activities.<\/p>\n 4 item list<\/span>end of list<\/span><\/section>\n The company’s shares fell by about 8 percent due to the news of Hastings’ departure. The co-founder is credited with helping to revolutionize the way movies and television shows are distributed to homes, overturning Hollywood’s business model.<\/p>\n “Netflix is \u200b\u200blooking at double-digit growth in revenue, expanding margins and growing free cash flow in 2026,” said Richard Greenfield, media analyst at LightShed Partners. “While Q1 was financially uneventful, Reed Hastings’ departure has spooked investors.”<\/p>\n Netflix affirmed in a 14-page shareholder letter that its mission is “ambitious and unchanging” \u2013 to entertain the world, providing movies and series for many tastes, cultures and languages. The company’s full-year outlook remained unchanged.<\/p>\n The company did not disclose how it plans to spend the $2.8bn termination fee it received after losing Warner Bros. movie studios and HBO, and raised 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 $12.25 billion, a 16 percent increase from the year-ago period, marginally above analyst forecasts of $12.18 billion.<\/p>\n Netflix, which has long told investors that the Warner Bros. acquisition was a “nice to have, didn’t need” proposition, highlighted areas for future growth.<\/p>\n The company said its investment in expanding its entertainment offerings with video podcasts and live entertainment \u2013 \u200b\u200bsuch as the World Baseball Classic in Japan \u2013 is driving engagement.<\/p>\n It plans to use technology to improve user experience and improve monetization, as advertising revenue is on track to reach $3 billion in 2026 \u2013 double the increase from a year ago.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" The company’s shares fell by about 8 percent due to the news of Hastings’ departure. Published on 16 April 202616 April 2026 Netflix Chairman Reed Hastings is leaving the streaming service he co-founded 29 years ago, as the company looks to regain its hold after losing a $72 billion deal with Warner Bros. Discovery to<\/p>\n","protected":false},"author":1,"featured_media":72005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[13767,6253,1570,5439,22293,3935,3452,615,438,15217],"class_list":{"0":"post-72000","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bible-news","8":"tag-bros","9":"tag-cofounder","10":"tag-deal","11":"tag-entertainment","12":"tag-hastings","13":"tag-losing","14":"tag-netflix","15":"tag-news","16":"tag-step","17":"tag-warner"},"_links":{"self":[{"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/posts\/72000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/comments?post=72000"}],"version-history":[{"count":1,"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/posts\/72000\/revisions"}],"predecessor-version":[{"id":72006,"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/posts\/72000\/revisions\/72006"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/media\/72005"}],"wp:attachment":[{"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/media?parent=72000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/categories?post=72000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/tags?post=72000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Recommended Stories <\/h2>\n