Shares of Netflix Inc (NFLX) rose on Thursday after the company’s board of directors announced it was authorizing a $300 million program to repurchase the company’s stock.
Shares of Netflix rose 1.15 percent to $43.50 in afterhours trading on the Nasdaq Stock Market.
The program, which ends in 2010, is in addition to one authorized in January, the company said today in a released statement.
Stock repurchases are generally seen by investors as a positive for the company.
Netflix said it would finance its purchases through any or a combination of working working capital, cash flows from operating activities and, if available on terms satisfactory to the company, debt refinancing.