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Netflix Stock Gains 4% As It Hires Two Executives From Snap

Shares of Netflix, Inc. (NFLX) are currently gaining 4% on Wednesday morning after the video streaming giant announced hiring of two executives from Snapchat to lead its advertising sales team.

NFLX is currently trading at $229.47, up $8.82 or 4.00%, on the Nasdaq.

Netflix confirmed it hired Snap's chief business officer, Jeremi Gorman, as its new president of worldwide advertising. It also tapped in Snap's vice president of ad sales, Peter Naylor, in the same role at the streaming service.

The streaming giant is in the process of building an ad-supported version of the company's streaming service, which is expected to launch next year.

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