Netflix gave a forecast for the second quarter that fell short of analysts expectations, sending the shares down in extended trading. The streaming pioneer also announced that chairman and co-founder Reed Hastings is stepping down from the board after 29 years to pursue philanthropy and personal interests.

Revenue rose 16% in the first three months of the year to $12.3 billion, compared with estimates for $12.2 billion, the company said in a statement on Thursday. Earnings per share for the quarter were $1.23 compared with estimates of 76 cents.

For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with:

• Bloomberg Intelligence senior media analyst Geetha Ranganathan
• Eric Clark, Accuvest Global Advisors CIO  and LOGO ETF Portfolio Manager

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