Netflix shares fall after the new co-CEO is announced

Ted Sarandos will be the streaming company’s new co-CEO, who has not achieved the results expected by analysts.

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Netflix shares fall after the new co-CEO is announced
Netflix shares fall after the new co-CEO is announced

The SARS-CoV-2 pandemic has caused a large economic imbalance for all types of companies and industries, but for the services of Streaming How Netflix, were the most benefited. But not everything is rosy as this company’s stock collapsed almost instantly in the stock markets when a new co-CEO was announced and results for the second quarter of the year were released.

According to a document released on the afternoon of July 16, the company reported that its income was $ 6,148 million between April and June, an increase of 24.9% over the previous year.

Similarly, subscribers rose to 192 million 950,000 new members this past quarter, up from 10 million in comparison to the first quarter of the year.

Although the company’s results were upward, Netflix failed to exceed analysts’ earnings per share forecast and was below expectations at $ 1.59, which equates to $ 1.81. The company also anticipated that its third-half earnings would grow to around $ 6,330 million under analysts’ assumptions.

Ted Sarandos / Photo: Depostiphotos.com

The change of co-CEO within the company only led to a decline in the company’s shares after Ted Sarandos was announced for the position of co-CEO, a position Hasting has held since 1998. However, the company said that Sarandos will also maintain its position as content manager.

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