Keep pulling the thread on Reed Hastings Steps Down.
Netflix co-founder Reed Hastings is stepping down from the company's board after 29 years.
Netflix is guiding for second-quarter earnings per share of 78 cents, which is below the analyst estimate of 84 cents.
Netflix acquired Ben Affleck's company, Interpositive, for $600 million.
Eric Clark of AccuVest Global Advisors predicts Netflix will reach a $1 trillion market capitalization by 2032.
AccuVest Global Advisors' model for Netflix reaching a $1 trillion valuation assumes 13% ongoing revenue growth, a 35% margin cap, and content spending capped at $20 billion.
In the first quarter, Netflix's revenue grew 16% to $12.3 billion.
Netflix reported first-quarter earnings per share of $1.23, beating analyst estimates of $0.76.
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Geetha Ranganathan believes Netflix's lighter-than-expected guidance for Q2 was a more significant factor in its stock decline than Reed Hastings' departure from the board.
Netflix reaffirmed its full-year revenue growth guidance of 12% to 14%, disappointing analysts who expected an increase.