Netflix wins customers and loses the boss

Streaming giant Netflix has made a change in leadership after a surprisingly strong last quarter. Founder and co-CEO Reed Hastings resigns, the company announced on Thursday after the close of the US stock market.

Hastings was a member of top management for more than two decades. As his successor, Netlix promoted Greg Peters, who was previously responsible for day-to-day operations on the board, to the dual board with Ted Sarandos.

However, it is likely that Hastings will retain significant influence as executive chairman of the board, overriding the board. Netflix shares initially gained nearly 5 percent in after-hours trading.

Netflix also announced a successful financial statement. In the three months to the end of December, the streaming service added a total of 7.66 million new customers – analysts had only expected an average of 4.5 million. In total, Netflix had 230.75 million user accounts by the end of the year. “2022 was a tough year with a bumpy start but a better end,” the company said in its annual report, looking at the weak first half of the year.

Revenue grew about two percent to $7.9 billion in the fourth quarter. However, net income slumped from $607 million to $55 million. Nevertheless, the numbers generally exceeded market expectations. (sda/dpa)