Netflix Stocks Stumble and decided to make Ted Sarandos as co-CEO

Netflix Stocks Stumble and decided to make Ted Sarandos as co-CEO

With the start of the Lockdown, Netflix has experienced a rise in subscribers to 10 million. Which were great numbers for any application and there is no wrong if the company was expected a higher number for the next quarter as well. The company was expected a rise 2.5 million subscribers this quarter but it didn’t turn out that way.

Less than expected subscribers’ projection results in the stumbling of the Netflix Stock by more than 10%. Netflix is maintaining roughly 193 million subscribers all over the world.

Netflix Stocks Stumble and decided to make Ted Sarandos as co-CEO
Image credits- Deadline

Netflix also made in the news when on Thursday they announced their content chief Ted Sarandos to be company co-CEO. Reed Hastings current CEO said, “Ted has been my partner for decades. This change makes formal what was already informal — that Ted and I share the leadership of Netflix.”

Ted on this promotion said that he is really excited about the change. He further added, “My journey to co-CEO of Netflix has been as a fan of great entertainment.” And that’s my commitment to Netflix members going forward: to keep pushing the boundaries of what a consumer-first company can achieve for people who love stories.”

Netflix has seen a sudden profit in the second quarter which is the period when Coronavirus hit and made people stay at home. In the second quarter, the profit of the company nearly doubled to $ 720 million.

In a letter to the investors of the company, Netflix said that they will experience some downward trends in the coming quarter as lockdown restrictions are easing. The letter continued stating that, “We continue to view the quarter-to-quarter fluctuations in paid net adds as not that meaningful in the context of the long-run adoption of internet entertainment, which we believe provides us with many years of strong growth ahead.”