Netflix stock fell 10% Friday, with many Wall Street analysts raising questions about the company’s strategic direction.
The company’s first-quarter results, released after the close of Thursday trading, beat expectations for revenue and earnings, but its financial guidance for the second quarter undershot analysts’ forecasts. That shortfall and the news that co-founder and longtime ex-CEO Reed Hastings is leaving the board of directors and ending his three-decade association with the company he co-founded, sent shares down after hours Thursday.
The slide continued Friday despite gains in the broader market, with trading volume in Netflix shares at nearly twice normal
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