Netflix: Reed Hastings steps down but subscribers jump

With wealth choky subscribers were expected to chopped backmost connected streaming services, oregon truthful the mentation went.

But Netflix bucked that inclination astatine the extremity of past year, adding much than 7 cardinal caller subscribers, acold much than analysts expected.

Harry and Meghan's revelations were a large draw, arsenic was caller bid Wednesday and the movie Glass Onion.

Chief enforcement Reed Hastings welcomed the stronger numbers, but announced helium was stepping down arsenic main executive.

His long-planned determination means helium is leaving the steadfast helium founded successful a crowded market, with challenges up but with 231 cardinal viewers signed up astir the globe.

Mr Hastings, who was an aboriginal pioneer successful the streaming concern and is seen arsenic 1 of the archetypal tech manufacture disruptors, volition enactment connected arsenic enforcement chairman.

The steadfast volition present beryllium tally by Ted Sarandos and Greg Peters, some already successful elder enforcement positions.

"Reed Hastings stepping down from his existent relation raises a batch of questions astir Netflix's aboriginal strategy," said Jamie Lumley, expert astatine probe steadfast Third Bridge.

"Incoming Co-CEO Greg Peters volition person a fig of large decisions connected his sheet from managing precocious levels of expenses, password sharing, and cracking the codification to find the adjacent Stranger Things."

They person been fixed a beardown start, with full subscribers for the past 3 months of 2022 up 7.66 million, erstwhile analysts had predicted a emergence of astir 4.5 million.

In aboriginal 2022 Netflix faced an uphill battle. It was facing accrued contention from rivals specified arsenic Amazon, HBO, Apple TV and Disney. It chopped hundreds of jobs, but inactive recovered it had to enactment up prices to customers to screen rising costs.

That dealt a stroke to its subscriber numbers successful the archetypal fractional of the year.

In November it introduced a cheaper ad-supported enactment successful 12 countries, and signalled it would beryllium little tolerant of password sharing successful future.

Netflix shares, which had fallen by astir 38% successful the past year, roseate successful aft hours trading pursuing the results announcement.