Netflix (NFLX) shares fell more than 10% on Friday. The company reported first-quarter earnings per share of $1.23, beating the $0.79 forecast.
Management projected Q2 revenue of $12.57 billion. This outlook missed the $12.64 billion analyst consensus. Netflix maintained its prior full-year guidance despite investor expectations for an upgrade following recent price hikes and a large acquisition breakup fee.
Co-founder and Chairman Reed Hastings will step down from the board in June. The sharp decline highlights investor sensitivity to growth deceleration in the tech sector, even as the broader market trended upward.