Netflix Shares Drop After Disappointing Outlook and Reed Hastings' Departure
Netflix shares fell over 8% in extended trading after the company provided a weaker-than-expected revenue outlook and announced that co-founder Reed Hastings will step down as board chair. The news overshadowed strong quarterly results, with revenue and profits exceeding estimates. Rising content amortization expenses were cited as a key factor in the weaker outlook.
Tickers: $NFLX
Topics: Content Amortization Earnings Report Executive Departure Netflix Stock Performance