Netflix's stock fell after hours, second-quarter earnings forecast lower than analysts' expectations.

Netflix's second-quarter performance forecast was lower than analysts' expectations, causing the stock price to drop in after-hours trading. The streaming pioneer company also announced that co-founder Reed Hastings will step down from the board after serving for 29 years to pursue charitable work and personal interests. The company said in a statement on Thursday that revenue in the first three months of this year increased by 16% to $12.3 billion, higher than the expected $12.2 billion. Earnings per share were $1.23, higher than the expected $0.76. However, Netflix forecasted earnings per share of 78 cents for the current quarter, lower than Wall Street analysts' forecast of 84 cents. After the news was announced, the company's stock price fell more than 9% in after-hours trading. Wall Street is now watching to see if Netflix can retain its subscription users. In March, Netflix raised subscription prices, increasing the price of the ad-free standard package by $2 to $20 per month.