Netflix splits stock 7 for 1

Netflix has approved a 7-for-1 stock split, the company said Tuesday.

The video streaming company's shares rose more than 2 percent in extended trading.

Read MoreAll signs point to fresh highs for soaring Netflix

The split will come in the form of a dividend of six additional shares for each outstanding share, Netflix said. It is payable on July 14 to stock owners of record at the July 2 close. Trading at the post-split price will start July 15.

In soaring almost 100 percent this year, Netflix shares have reached nearly $700. As of last week, Netflix was the third-most expensive stock in the S&P 500.

A share split can make the stock more appealing to retail investors and, crucially for Netflix, more affordable to employees participating in its stock option program. The move was anticipated this year after Netflix voting shareholders approved a share reauthorization, a preliminary step toward a split.

Read MoreNetflix stock hits record high; preps for a split

Netflix follows Apple as a wildly popular tech company to execute a 7-for-1 split. Since the move last June, Apple shares have rallied at least 30 percent.

—CNBC's Zack Guzman contributed to this report.