Netflix co-founder Reed Hastings exits

Hastings' departure marks the end of a 29-year era during which he transformed a DVD-by-mail service into a global streaming powerhouse.

He intends to focus on his philanthropic pursuits following the expiration of his current term.

Despite beating first-quarter earnings estimates, Netflix's conservative outlook for the remainder of 2026 has spooked investors.

The company is currently navigating a competitive landscape while seeking new growth avenues through advertising and live sports broadcasting.