Netflix cofounder Reed Hastings is officially leaving the company
The Verge • • general
Key Points:
- Netflix cofounder and chairman Reed Hastings will leave the company after nearly 30 years, not seeking re-election to the board at the Annual Meeting in June.
- Hastings, who served as CEO from 1999 to 2023 before becoming chairman, plans to focus on philanthropy and other pursuits.
- Netflix reported Q1 2026 revenue of $12.25 billion, a 16.2% year-over-year increase driven by membership growth, higher pricing, and increased ad revenue, including a $2.8 billion breakup fee from ending its Warner Bros. and HBO Max acquisition deal.
- The company is expanding its platform with live content, video podcasts, games, and recently raised its ad-free subscription price to $19.99 per month.
- Netflix plans to launch a revamped mobile app by the end of the month, emphasizing vertical video to enhance user experience.
