Shares of Netflix, Inc. (NASDAQ: NFLX) surges over 4% in the pre-market trading session Wednesday after an official from Netflix revealed that co-CEO Ted Sarandos has plans to visit South Korea. The visit is expected to last two days, starting from June 20. According to reports from the news agency Yonhap, Sarandos will meet with Prime Minister Han Duck-soo and other important officials.
The purpose and details of the visit have not been disclosed by Netflix officials at this time.
However, this visit comes on the heels of Netflix’s announcement two months ago, in which they revealed plans to invest a substantial $2.5 billion in South Korea. This investment was proposed after a meeting between Sarandos and President Yoon Suk Yeol in Washington, D.C., back in April.
South Korea holds significant importance for Netflix, as it is home to some of the streaming platform’s biggest titles, including the popular drama series “The Glory” and “Squid Game.”
As of the latest update, Netflix (NFLX) stock is trading at a price of $415.99, showing a 4.18% increase in the pre-market trading session Wednesday.
On Tuesday, the NFLX stock opened slightly higher than the previous day’s close but later lost momentum. The shares fluctuated between $396.93 and $405.12 throughout the day, with a trading volume of 4,991,532 (4.99 million). Currently, the market capitalization of NFLX stands at $178.68 billion.
Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis.
