Netflix's revenue for fiscal 2022 is $32 billion, with 7.7 million new users in the fourth quarter

In Netflix's fourth quarter and full year earnings report, Netflix announced that Reed Hastings will step down as CEO and will be replaced by former COO Greg Peters and current co-CEO Ted Sarandos.

Hastings is one of Netflix's co-founders and has been the company's CEO since 1999. He has seen the company grow from its humble beginnings as a DVD rental service to the digital streaming giant it is today. Although Hastings is no longer CEO, he remains Netflix's executive chairman.

Hastings

In addition to the top management changes, Netflix's financial report also confirmed a significant increase in subscribers from the previous quarter. By the end of 2022, the service had 237.5 million paid members, an increase of 7.7 million from the end of the previous quarter and nearly 9 million from the end of last year.

Netflix attributed the subscriber growth in large part to the popularity of its content during the quarter, with "Wednesday" becoming Netflix's third-most popular series ever and "Knives Out 2" becoming the company's fourth-most popular movie.

According to Netflix's public data, its full-year revenue for fiscal year 2022 was $32 billion, and its fourth-quarter revenue was $7.85 billion (a 2% increase from the same period last year). Netflix predicts that its revenue for the new quarter will reach $8.17 billion.