Netflix shares dive as co-founder Reed Hastings steps away

Netflix shares plummeted more than nine percent Thursday as the TV streaming titan’s quarterly earnings failed to impress investors and co-founder Reed Hastings announced he is leaving.

Hastings, who helped grow the revolutionary DVD-by-mail company into a global entertainment behemoth, will depart Netflix to “focus on his philanthropy and other pursuits” when his term as chairman of the board of directors ends in June.