Netflix Stock Drops Following Lower-Than-Expected Earnings Forecast and Reed Hastings' Exit
Netflix stock fell over 10% in pre-market trading after the company provided a weaker-than-expected second-quarter earnings forecast and announced that co-founder Reed Hastings will exit the board. The company's Q2 revenue guidance of $12.57 billion and earnings per share of 78 cents fell below analyst expectations, marking a one-year low in revenue growth rate.
Tickers: $NFLX
Topics: CEO Transition Content Spending Earnings Guidance Revenue Growth Stock Price Movement