Netflix Shares Tank on Weak Forecast; Hastings Steps Down

Netflix Inc. shares tumbled the most in four years after the company gave a forecast for the second quarter that fell short of analysts’ expectations, underwhelming Wall Street just months after it lost out on a bid for Warner Bros. Discovery Inc.

The streaming pioneer also announced that chairman and co-founder Reed Hastings is stepping down after 29 years at the company to pursue philanthropy and personal interests.