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Netflix Plunges, and Tepid Outlook Hands Challenge to New Co-CEO
- Content chief Ted Sarandos takes job alongside Reed Hastings
- Third-quarter forecast signals pandemic-fueled boom is over
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Ted Sarandos was just named co-chief executive officer at Netflix Inc. and already he faces a difficult task: soothing investor anxiety about slowing growth at the video-streaming giant.
The company tapped its longtime chief content officer to take the top job, alongside current CEO Reed Hastings, on a day when it delivered a disappointing subscriber forecast and sent its shares plunging. The stock was down as much as 7.8% to $486.42 in New York on Friday, in its biggest tumble since March.