Netflix Shares Rise in Anticipation of Stock Split, Close at Over $647

Company’s shareholder meeting is set for Tuesday

Last Updated: June 9, 2015 @ 2:24 PM

Netflix Inc. (NFLX) shares rose 3.2 percent on Tuesday in anticipation of a shareholder meeting where a stock split was expected to be announced.

Shares in the online-streaming giant closed on NASDAQ at $647.15 on Tuesday, a gain of nearly 90 percent since the beginning of this year.

In April, CEO Reed Hastings indicated that he planned to recommend a stock split to the company’s board to make shares more accessible to investors.

For the first quarter, Netflix reported earnings per share of $0.38 on net income of $23.7 million and $1.57 billion in revenue.

Subscriptions were up, with the streaming giant adding 4.9 million subscribers in the most-recent 90-day period — a record for the company.

The U.S. was responsible for 2.3 million of those new members thanks to hits like “House of Cards” and “Orange Is the New Black.” The total subscriber number rose to 62.27 million; 59.62 million are paid subscribers.