Netflix Subs Beat Forecasts and Hastings Steps Down As Co-CEO, Alphabet to Cut 12,000 Jobs. 1/20/23

Carl Quintanilla, Jim Cramer and David Faber led off the show with Netflix shares up sharply in reaction to larger-than-expected quarterly subscriber growth. The company also announced that founder Reed Hastings stepped down as Co-CEO and would stay on as executive chairman. COO Greg Peters succeeded Hastings as Co-CEO and is serving in that role alongside Ted Sarandos. What does it all mean for Netflix stock? The anchors also reacted to Alphabet becoming the latest tech giant to announce layoffs. The parent of Google said it plans to cut about 12,000 jobs or 6% of its workforce. Also in focus: Wayfair laying off about 10% of its workforce amid slumping sales, The FDA rejects accelerated approval of Lilly's Alzheimer's drug, plus what to expect from next week's earnings barrage -- including results from Microsoft, Tesla and Boeing. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.