Netflix founder Reed Hastings to exit board in June; says ‘Netflix changed my life…’
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Netflix co-founder Reed Hastings will step down from the company's board in June, marking the end of a nearly three-decade chapter. The company reported strong Q1 financial results alongside the announcement.
Netflix co-founder Reed Hastings will exit the company's board at its annual meeting in June. Hastings transformed Netflix from a DVD rental service into a leading streaming giant and will now focus on philanthropy and personal projects. The company reported strong Q1 financial results: $12.25 billion revenue, up 16% year-over-year, and net income of $5.28 billion. Netflix continues to diversify its portfolio with content wins, live events, and new initiatives like Netflix Playground, a kids' gaming app. The company also acquired InterPositive, an AI filmmaking startup, to expand generative AI tools for creators. Netflix projects full-year revenue at $50.7-$51.7 billion with an operating margin of 31.5%.
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