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Netflix Q4 Subscriber Growth Sends Shares Soaring, Hastings Steps Down as Co-CEO"

Netflix shares rose nearly 5% in after-hours trading as the company reported global streaming paid net additions of 7.66 million, surpassing its 4.5 million estimate.

This success was driven by strong acquisition and retention, primarily due to the success of its Q4 content slate. The company also expects Q1 revenue of $8.172 billion, up 4% year-over-year, and EPS of $2.82, compared to the consensus estimate of $8.15 billion and $2.97, respectively.

In addition to these financial updates, the company also announced that Reed Hastings has stepped down as co-CEO and will take on the role of executive chairman. Greg Peters has been promoted from COO to become Ted Sarandos' co-CEO and a member of the Netflix board. The company also expects modest positive paid net adds in Q1/23, compared to paid net adds of -0.2 million in Q1/22. They also anticipate rolling out paid sharing more broadly later in Q1/23, which is expected to result in a different quarterly paid net adds pattern in 2023, with paid net adds likely to be greater in Q2/23 than in Q1/23.

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