Netflix announced on Thursday that it ended 2017 with more than 230 million global subscribers, exceeding analysts’ expectations as hits like “Wednesday” and “Harry & Meghan” attracted new viewers.Information Guide Nigeria
In a letter announcing record fourth-quarter profits, the company stated, “2022 was a difficult year, with a rough start but a brighter finish.”
Netflix also announced that co-founder Reed Hastings would step down as CEO, bringing to a close a 25-year tenure that saw the company evolve from a DVD-by-mail rental service into an entertainment behemoth.
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Hastings delegated control of Netflix to his two longtime associates, Chief Operating Officer Greg Peters and Ted Sarandos, who had already been appointed co-CEO. Peters and Sarandos have been Netflix’s public face in Hollywood.JAMB portal
“It feels like yesterday was our IPO; we were covered in red envelopes,” Hastings said during an earnings call.
Early in 2002, Netflix went public with an opening share price of $15 per share.
Following the release of the earnings figures, shares of the streaming television service rose nearly 7 percent to $337.31 in after-market trading.
Hastings pointed out in a blog post that the Netflix board has been discussing succession planning for many years, joking “even founders must evolve!”
He stated that he would assume the new position of executive chairman, noting that this is a position frequently held by the founders of tech giants such as Amazon’s Jeff Bezos and Microsoft’s Bill Gates.NYSC portal
The change of guard was announced as Netflix reported subscriber gains that exceeded even the most optimistic forecasts.
In three months, the streaming giant attracted 7.7 million new members, bringing the total number of Netflix subscribers worldwide to 230 million.
Netflix praised a successful slate of new content that included horror-themed comedy “Wednesday,” saying the “Addams Family” spinoff was the company’s third most popular series ever.
Royal tell-all documentary “Harry & Meghan” also scored, Netflix said, as well as “Glass Onion: A Knives Out Mystery” starring Daniel Craig.
“This is in stark contrast to the first half of the year. Creating the next biggest blockbuster drives subscribers,” said tech and media analyst Paolo Pescatore.JAMB Result
