Netflix co-founder Hastings steps down as CEO as company adds subscribers

FILE PHOTO: Reed Hastings, founder and Co-C.E.O. of Netflix, arrives at the DealBook Summit in New York City, U.S., November 30, 2022. REUTERS/David 'Dee' Delgado

LOS ANGELES (Reuters) -Netflix Inc co-founder Reed Hastings stepped down as chief executive of the company that upended Hollywood by delivering movies and TV shows online, handing the reins to longtime partner and co-CEO Ted Sarandos and chief operating officer Greg Peters.

Shares of Netflix rose 6.1% to $335.05 in after-hours trading as the streaming video pioneer also said it had picked up more subscribers than expected at the end of last year.