Netflix Founder Reed Hastings Steps Down as CEO

To kickstart growth, Netflix introduced cheaper ad-supported options in November last year in 12 countries. It has also announced plans to crack down on password sharing, "The year 2022 was tough. A bumpy start but a brighter end. We believe we have a clear path to re-accelerate our revenue growth," Netflix said in its quarterly letter to shareholders.

Netflix will start rolling out the feature this quarter, to try and convert more password sharers into paying subscribers, Peters said.

He also acknowledged it wouldn't be a universally popular move, comparing it to a price increase that would temporarily increase cancellations but pay off with additional revenue.

The company's global subscriber base reached 231 million by the end of December 2022. Net income fell to US$55 million, or 12 cents per share, from US$607 million, or US$1.33 per share, a year earlier. Revenue rose 1.9 percent to US$7.85 billion, in line with expectations.