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Which company co-founder and CEO Reed Hastings resigned from his position on 19th Jan 2023?
A)
Netflix Inc.
B)
Disney+
C)
SonyLIV
D)
Spotify

Correct Answer :   Netflix Inc.


Netflix Inc (NFLX.O) co-founder Reed Hastings stepped down On Thursday (19th Jan 2023) as chief executive of the company that upended Hollywood by delivering movies and TV shows online. 
 
Chief Operating Officer, Greg Peters will now serve as co-CEO alongside Ted Sarandos, who has held that role since 2020. Hastings will become Executive Chairman.
 
Shares of Netflix rose 6.1% to $335.05 in after-hours trading as the streaming video pioneer also said it had picked up more subscribers than expected at the end of last year.

The company has been under pressure after losing customers in the first half of 2022. Its stock, a one-time Wall Street darling, had fallen nearly 38% in the past year.
 
Sarandos and Peters will share the title of chief executives, with Hastings serving as executive chairman. The change is effective immediately, representing the culmination of a decade of succession planning by the board.
 
"Hastings made his exit as Netflix said it added 7.66 million subscribers in the fourth quarter, beating Wall Street forecasts of 4.57 million with help from "Harry & Meghan" and "Wednesday" in the battle to attract streaming television viewers.
 
Earnings per share, however, came in at 12 cents, below the 45 cents expected by analysts polled by Refinitiv.Netflix projected "modest" gains in subscribers through March.

It forecast 4% year-over-year growth in revenue during the period with the help of new revenue streams...

Source : Zeebiz

Published On : January 21, 2023
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