Netflix shares dive as revenue barely beats expectations

San Francisco: Netflix shares plummeted more than 8% on Thursday as the TV streaming titan reported quarterly revenue of $12.25 billion, which slightly topped expectations.

An earnings letter to investors came with word that co-founder Reed Hastings will step away from the company when his term as chairman of the board of directors ends in June.

“Netflix changed my life in so many ways,” Hastings wrote in the letter.