Reed Hastings will remain on the company’s board of directors and will be led by Ted Sarandos and Greg Peters.
Reed Hastings, founder of the world’s largest video streaming service Netflix, is stepping down as CEO after 25 years. This is stated in the company’s report for 2022.
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It was noted that the businessman will remain on the board of directors and will become the executive chairman of Netflix.
COO Greg Peters has been named co-CEO, serving alongside Ted Sarandos.
“Ted and Greg will be co-directors. We’ve worked together for 15 years and understand each other; I have no doubt in their managerial abilities,” Hastings said.
Netflix also released its financial results for the fourth quarter of 2022.
The number of service subscribers during the reporting period increased by 7.7 million, although analysts expected an increase of only 4.58 million.
The total number of subscribers at the end of the year increased by 4% and reached 230.75 million.
Netflix’s net income in October-December reached 55.28 million dollars, or 0.12 dollars per share, compared to 607 million, or 1.33 dollars per share, for the same period last year.
The decrease was due to $463 million in debt cancellations in Europe.
The company’s revenue grew by 1.8% and reached 7.85 billion compared to 7.71 billion in the same period last year.
In the first quarter of this year, Netflix plans to increase revenue by 4% in annual terms, which equates to approximately 8.2 billion dollars.
Over the past 12 months, Netflix’s capitalization has fallen 20.6% to $145.2 billion.
Note that the series Wednesday starring Jenna Ortega, it reached one billion hours watched and became the third most watched movie in Netflix history.
Netflix released the trailer for the second season on Wednesday
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.