Reuters

(Reuters)

Netflix Board Approves a Seven-for-One Stock Split

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Netflix Inc (NFLX) said on Tuesday its board of directors approved a seven-for-one stock split.

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The split will be effected in the form of a stock dividend of six additional shares for each outstanding share, the company said in a statement.

The stock dividend will be payable on July 14 to stockholders of record at the close of business on July 2.

Earlier this month, Netflix shareholders approved raising the company's share authorization by nearly 30 times to 5 billion.

The company's shares were up 2.6 percent at $698.71 in trading after the bell.

(Reporting by Arathy S Nair in Bengaluru; Editing by Savio D'Souza)

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