Netflix shares dive as revenue barely beats expectations
Netflix shares fell over 8% despite quarterly revenue of $12.25 billion slightly beating expectations. Co-founder Reed Hastings announced he will step down as chairman in June. The company’s profit of $5.28 billion was boosted by a $2.8 billion termination fee after it withdrew from a deal to buy Warner Bros. Discovery. Paramount Skydance is now set to acquire Warner, a move with significant media industry implications. Netflix’s exit from the bidding war was seen positively by analysts, freeing up funds for content and its advertising business.
