Bloomberg Podcasts
@bloombergpodcasts·503K subscribers·32.4K videos
Netflix Earnings Forecast Misses, Reed Hastings Steps Down
Posted
April 16, 2026
Views
4,670
Likes
47
Comments
4
Engagement
April 16, 2026
4,670
47
4
1.09%
Every word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
See what was published immediately before and after this episode.
6:03Now PlayingBloomberg's Geetha Ranganathan breaks down a subpar earnings report from Netflix, as the media giant's forecast fell short of analyst estimates.
Alongside the report, Netflix also announced that its co-founder and chairman Reed Hastings would step down from the board in June after 29 years.
Reed Hastings will step down from the board of Netflix Inc. when his term ends at the annual meeting in June, ending a 29-year-run at the streaming pioneer he co-founded.
Hastings, who presently serves as Netflix’s chairman, plans to focus on philanthropy and other pursuits, the company said Thursday as it reported first-quarter results.
Hastings’ departure may worry investors given his status as one of the great entrepreneurs of the 21st century. Hastings provided the initial capital to start Netflix as a DVD-by-mail service and replaced co-founder Marc Randolph as chief executive officer in 1999. He guided the company through its battle with Blockbuster and was the driving force behind its move into video streaming.
Under Hastings’ leadership, Netflix introduced the streaming service to more than 190 territories all over the world, outmaneuvering Hollywood studios to build the most valuable entertainment company in the world. He stepped down as CEO in January 2023, ceding the job to co-CEOs Ted Sarandos and Greg Peters.
“Netflix changed my life in so many ways, Hastings said in a statement. “A special thanks to Greg and Ted, whose commitment to Netflix’s greatness is so strong that I can now focus on new things.”
Netflix disclosed Hastings’ departure at the same time it announced its financial results for the first three months of the year. Revenue rose to $12.3 billion, beating analysts’ estimates thanks to strong subscriber growth. In the current quarter, Netflix forecast earnings per share of 78 cents, less than the 84 cents predicted by Wall Street analysts.
--------
Watch Bloomberg Radio LIVE on YouTube
Weekdays 7am-6pm ET
Follow us on X
Subscribe to our Podcasts:
Bloomberg Daybreak
Bloomberg Surveillance
Bloomberg Intelligence
Balance of Power
Bloomberg Businessweek
Listen on Apple CarPlay and Android Auto with the Bloomberg Business app:
Apple CarPlay
Android Auto
Visit our YouTube channels:
Bloomberg Podcasts
Bloomberg Television
Bloomberg Originals
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.
