Netflix Stock Slumps 8.7% in Europe as Co-Founder Reed Hastings Steps Down from Board
Netflix shares plummeted 8.7% in European trade Friday after the streaming giant issued a lower-than-expected revenue forecast and co-founder Reed Hastings announced he would not seek re-election to the board.
- Republic Business
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Shares in Netflix fell sharply in Europe on Friday after the company forecast revenue growth below expectations and as chairman and co-founder Reed Hastings said he would not seek re-election.
By 0603GMT, the streaming service's Frankfurt-listed shares were down 8.7%. Netflix shares in New York have risen about 15% this year. (Reporting by Samuel Indyk; Editing by Amanda Cooper)