Kuala Lampur, April 17 --  

SAN FRANCISCO, April 17 - Netflix shares plummeted more than eight per cent yesterday as the TV streaming titan reported quarterly revenue of US$12.25 billion, a result that slightly topped expectations.

An earnings letter to investors came with word that co-founder Reed Hastings, who helped grow the revolutionary DVD-by-mail company into a global entertainment behemoth, will step away from Netflix when his term as chairman of the board of directors ends in June.

"Netflix changed my life in so many ways," Hastings wrote in the letter.

"My all?time favorite memory was January 2016, when we enabled nearly the entire planet to enjoy our service."

Netflix faces increasing competition from rival streaming ...