Netflix announces 7-for-1 stock split

Netflix Inc. (Nasdaq: NFLX) announced yesterday it approved a 7-for-1 stock split, ending years of waiting by investors as the stock soared to high levels.

Netflix stock closed at $681.19 yesterday. Duringg the past 12 months, it has jumped 182 percent, according to USA Today.

Following the move, Netflix would have seven times the number of shares - now at 60.6 million - but the price would fall from $681.19 to $97.31. The company's market value would remain at $41.3 billion.

Read more from USA Today.