Bloomberg reports:
Netflix reported strong first-quarter revenue and earnings, helped by a breakup fee from Paramount after its failed pursuit of Warner Bros. However, its outlook for the current quarter disappointed investors, sending shares lower.
The company said it remains disciplined on acquisitions and is focusing on stronger programming, new technology and better monetisation, including more sports, gaming, podcasts and a refreshed mobile experience.
Netflix also announced that co-founder and chairman Reed Hastings will step down after 29 years to focus on philanthropy and personal interests, marking the end of an era for the company.