Reed Hastings to Leave Netflix Board as Q1 Results Arrive
Netflix said Reed Hastings will leave the board in June as the company reported $12.25B in Q1 revenue and outlined growth targets in ads and content spending.
FortuneReed Hastings’s planned exit from $455 billion Netflix ‘had nothing to do with’ the failed deal for Warner Bros., says Ted Sarandos | Fortune
CNBCNetflix stock sinks despite earnings beat, streamer says Reed Hastings to exit board
ABC NewsNetflix cofounder and chairman Reed Hastings to step down from board of directors
BBC NewsNetflix co-founder Reed Hastings to step down as chairman
Overview
Netflix said co-founder and chairman Reed Hastings will step down from the board in June when his term expires.
The announcement accompanied Netflix's first-quarter results reporting $12.25 billion in revenue, a 16% increase, and $5.28 billion in net income, and followed the company's withdrawal from a proposed Warner Bros. Discovery deal in February.
Hastings said he will focus on philanthropy and praised Netflix's culture in a statement, and co-CEOs Ted Sarandos and Greg Peters credited his leadership, the company said.
Netflix reiterated full-year revenue guidance of $50.7 billion to $51.7 billion, said it expects second-quarter revenue to increase 13%, and is targeting $3 billion in advertising revenue in 2026, the company said.
Hastings will leave the board in June, and Netflix said it is expanding into generative AI after acquiring InterPositive and is pushing into live sports and new content formats.
Analysis
Center-leaning sources report this neutrally: they present facts about Hastings’ planned board exit, briefly note his career and philanthropy plans, and include his direct statement without evaluative commentary. Coverage balances corporate context (earnings, studio deal withdrawal) and attribution, avoiding loaded language, selective emphasis, or omitted key viewpoints.