In a letter to investors, Reed Hastings said that he would not seek to renew his board mandate, instead opting to focus on philanthropic endeavors. The announcement was poorly received by the markets, with Netflix shares tumbling over 8% in after-hours trading. The move comes as the group attempts to reposition itself following the collapse of a major $72bn deal with Warner Bros Discovery. Despite this setback, Netflix maintains that its ambitions and full-year targets remain unchanged.

On the financial front, the company reported a sharp improvement in results, with Q1 EPS reaching $1.23, almost double the $0.66 a year earlier, while revenue climbed 16% to $12.25bn. To sustain its growth trajectory, Netflix is pivoting toward new formats such as video podcasts and live events, alongside the expansion of its advertising business, which is projected to generate $3bn in 2026. This departure marks a pivotal milestone in the group's evolution as it enters a new phase without one of its historic founders.