Why Netflix Shares Are Moving After Microsoft News Update

Netflix Inc NFLX shares are trading higher by 1.60% to $177.24 Wednesday afternoon following reports suggesting the company is partnering with Microsoft Corporation MSFT for ad-supported services.

Confirming reports, Microsoft CEO Satya Nadella Wednesday afternoon tweeted: "We’re thrilled Netflix has selected Microsoft as its advertising technology and sales partner. We want publishers to have more long-term viable ad monetization platforms, so more people can access the content they love wherever they are."

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According to data from Benzinga Pro, Netflix has a 52-week high of $700.99 and a 52-week low of $162.71.