Netflix shares plunge over 10% as Chairman Hastings exits amid weak forecast

Netflix shares tumbled more than 10% in early trading Friday after co-founder Reed Hastings stepped down as Chairman and the company issued a tepid second-quarter forecast. The drop adds to volatility: shares have fallen over 18% since early December when Netflix first bid for Warner Bros Discovery, then rebounded around 21% through Thursday's close after abandoning the deal in late February for a $2.8 billion termination fee.

Hastings' exit, while expected after he relinquished day-to-day role as co-CEO in 2023 to focus on strategy, comes at a sensitive time. Netflix is shifting beyond subscriptions—emphasizing advertising, live programming, and price increases—as subscriber growth stalls in mature markets and competition intensifies. Though it beat Q1 revenue and profit expectations, the weak Q2 outlook sent shares sliding.

For global investors including Nigerians accessing international markets, this signals ongoing pressure in streaming. Will you reassess tech holdings given Netflix's pivot to ads and price hikes, or see the dip as a buying opportunity amid its strategy shift?

SOURCE: https://www.channelstv.com/2026/04/18/netflix-shares-fall-over-exit-of-co-founder-reed-hastings/