Shares of Netflix Inc. gained in Tuesday’s extended trade after Internet streaming media company announced a stock split which had been widely anticipated.

After Hours

Netflix NFLX, +1.94% shares rose 2.5 % after the company said its board approved a seven-for-one stock split. The split will be effected via a stock dividend to be distributed on July 14 to shareholders of record at the close of business on July 2. The stock will begin trading on a post-split basis on July 15. Netflix shares closed at $681.19.