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Netflix co-CEO Sarandos says 'we could do better' after weak forecast
LOS ANGELES: Netflix issued weaker-than-expected guidance for fourth-quarter profit and cut its full-year advertising forecast on Tuesday, days after the streaming pioneer laid off 6% of its workforce and replaced two of its top programming executives. Shares of Netflix fell nearly 6% to $64.66 in after-hours trading. The stock had fallen more than 40% in a year before the earnings report. Co-CEO Ted Sarandos said the company plans to focus on its core business of producing quality TV shows and movies to make Netflix a must-have service, and the recent executive shakeup was a step toward tha...
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