Netflix Chairman Reed Hastings is leaving the streaming service he co-founded 29 years ago as the company regains its footing after it lost its $72 billion deal for Warner Bros Discovery .

Netflix shares fell after its first-quarter earnings report. The stock had been on a tear after backing away from its plan to buy Warner Bros.

Netflix beat expectations for Q1 revenue and reported a big jump in earnings per share thanks in part to a termination fee related to its proposed WBD deal.

Netflix shares plummeted more than eight percent Thursday as the TV streaming titan reported quarterly revenue of $12.25 billion, a result that slightly topped expectations.

Netflix reported solid first-quarter earnings results, but the numbers were overshadowed by disappointing guidance

CNBC's MacKenzie Sigalos joins 'Closing Bell Overtime' to report on Netflix' 2026 Q1 earnings.

Netflix shares are down despite the company beating analyst expectations and continuing its growth from a record year, as cofounder Reed Hastings announced he would step away from the board. Netflix reported $12.

The company also said co-founder and former CEO Reed Hastings would not stand for re-election as the company’s board chairman. His current term will expire at the company’s Annual Meeting. This decision is not based on any disagreement with the company.