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Los Angeles: Netflix chairman and co-founder Reed Hastings said he will not stand for re-election at the company's annual meeting in June and will step down as chairman after 29 years, the company said in a shareholder letter released Thursday. Netflix said he plans to focus on philanthropy and other pursuits. The company reported first-quarter revenue of $12.25 billion, up 16% from a year earlier and modestly above analyst forecasts of $12.18 billion, and said earnings per share rose to $1.23 from $0.66 a year earlier—boosted in part by a $2.8 billion termination fee after the dropped Warner Bros deal. Netflix said it has not specified how it will use the termination fee and reaffirmed its mission to 'entertain the world.' It highlighted investments in video podcasts and live entertainment, such as the World Baseball Classic in Japan, and said it will use technology to improve the user experience and monetization, with advertising revenue on track to reach $3 billion in 2026.

Prepared by Christopher Adams and reviewed by editorial team.