Netflix’s Surprise Earnings in First Quarter Topping $6 Billion… Shares Drop 9% After Founder Steps Down
Operating profit rose 18% and beat expectations, but shares plunged 9% in over-the-counter trading after a report that Reed Hastings—the founder who led the company for 29 years—has stepped down
Global online video service Netflix recorded a surprise performance that far exceeded the market’s outlook for the first quarter this year. An ‘earnings surprise’ in Q1 notwithstanding, the impact of the complete management exit by co-founder Reed Hastings sent the stock tumbling 9% on the...
