Los angeles: Netflix said Thursday it plans to buy back an additional $25 billion in shares after its stock came under pressure following a weak financial outlook. The company stated in a filing with the US Securities and Exchange Commission that its board has approved the new repurchase program, which does not have an expiration date.

According to Anadolu Agency, the new authorization adds to a share buyback plan announced in December 2024, under which $6.8 billion remained available for repurchases. The announcement comes just days after Netflix reported disappointing financial results and said Chairman and co-founder Reed Hastings would step down, sending its shares lower.

Netflix stock has fallen more than 13% since the earnings release on April 16. The company also withdrew in February from a bid to acquire Warner Bros.' streaming and studio business. Its shares had come under pressure during the months-long contest with Paramount Skydance as investors raised concerns about the potential debt burden under a possible deal.