Reed Hastings’s departure marks the end of an era for the streaming platform he co-founded 29 years ago|TED Conference|CC BY-NC-ND 2.0

Netflix shares tumbled 9% in extended trading on Thursday following its first-quarter earnings and announcement that co-founder and chairman Reed Hastings is stepping down.

Hastings’s departure marks the end of an era for the streaming platform he co-founded 29 years ago. He will exit the board in June and focus on philanthropy. He had stepped down as CEO in 2023.

Netflix co-CEO Ted Sarandos dismissed questions about Hastings’s departure following the failed deal to acquire Warner Bros. Discovery.

The streaming platform reported $12.25 billion in revenue—a 16% increase from the $10.54 billion earned in the previous year’s quarter. As of January, it had 325 million global subscribers.

The company confirmed its full-year revenue guidance between $50.7 billion and $51.7 billion and projected that advertising revenue would double to $3 billion by 2026.