Netflix co-founder Hastings steps down as CEO

STORY: The co-founder of streaming titan Netflix announced Thursday he was stepping down as CEO .

Reed Hastings said he was handing control to his longtime partner Ted Sarandos... and to the company's current chief operating officer, Greg Peters.

The two will share the title of chief executive, with Hastings serving as executive chairman

Hastings's exit comes as Netflix reported adding 7.66 million subscribers in the latest quarter, beating Wall Street forecasts with help from "Harry & Meghan" and "Wednesday" in the battle to attract streaming television viewers.

Netflix shares - which were down nearly 38 percent in the past year - jumped over six percent in after-hours trading on news of management shuffle.

Netflix lost customers in the first half of 2022. It returned to growth in the second half, but at a rate below the pace of recent years.

To grab viewers, Netflix introduced a cheaper, ad-supported option last November in 12 countries. It also has announced plans to crack down on password sharing.

The company's global subscriber base hit 231 million at the end of December.