WASHINGTON (dpa-AFX) - Netflix (NFLX) announced a 10-for-1 stock split aimed at making its high-priced shares more accessible to employees and retail investors.
Shareholders of record on November 10 will receive nine additional shares for each one held, with distribution set for November 14. The stock will begin trading on a split-adjusted basis starting Monday, November 17.
Netflix said the split is intended to reset its share price to a more approachable range, especially for those participating in the company's stock option programs. The streamer's stock has surged above $1,000 per share after strong performance over the past three years.
While stock splits do not affect a company's valuation or fundamentals, they are common once prices reach elevated levels. despite fractional-share trading now being widely available.
Netflix shares have previously undergone splits in 2015 and 2004. The company is one of only a few S&P 500 constituents currently trading above $1,000 per share.
Friday, NFLX closed at $1,118.86, or 2.74% higher, and currently trades after hours at $1,119.20, or 0.03% higher on the NasdaqGS.
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