LOS ANGELES : Netflix Inc co-founder Reed Hastings said on Thursday he will step down as chief executive, handing the reins of the streaming service to longtime partner and co-CEO Ted Sarandos and the company's chief operating officer, Greg Peters.
Hastings made his exit as Netflix said it added 7.66 million subscribers in the fourth quarter, beating Wall Street forecasts of 4.57 million with help from"Harry & Meghan" and"Wednesday" in the battle to attract streaming television viewers. The company is facing restrained consumer spending and competition from Walt Disney Co, Amazon.com Inc and others spending billions of dollars to make TV shows and movies for online audiences.
"2022 was a tough year, with a bumpy start but a brighter finish. We believe we have a clear path to reaccelerate our revenue growth," Netflix said in its quarterly letter to shareholders.Audiences flocked to Addams family tale"Wednesday," the third-most watched show in Netflix history, the company said. Murder mystery"Glass Onion" and British royals documentary"Harry & Meghan" also were hits during the quarter.
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