Streaming giant Netflix has made a change in leadership after a surprisingly strong final quarter.
Streaming giant Netflix has made a change in leadership after a surprisingly strong final quarter.
Company founder and co-CEO Reed Hastings is stepping down from top management after more than two decades, the company announced on Thursday after the US stock market closed. As his successor, Netlix promoted Greg Peters, who was previously responsible for day-to-day business on the board, to the dual board with Ted Sarandos. Hastings, however, is likely to retain significant influence as executive chairman of the board, which overrides the executive board. Netflix shares initially gained nearly 5 percent in after-hours trading.
Netflix also announced a successful annual financial statement. In the three months to the end of December, the streaming service gained a total of 7.66 million new customers – analysts had only expected an average of 4.5 million. Overall, Netflix had 230.75 million user accounts by the end of the year. “2022 was a difficult year with a bumpy start but a brighter finish,” said the company in the annual report, looking at the weak first half of the year. Revenues grew in the fourth quarter by around two percent to $7.9 billion. However, net income collapsed from $607 million to $55 million. Nevertheless, the numbers as a whole exceeded market expectations.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
