Netflix shares rises 2.38% in premarket trading

Netflix shares rises 2.38% in premarket trading.

Netflix Inc said on Wednesday it has hired a former Facebook executive to lead its video games unit as the company ramps up its efforts to grow beyond its traditional streaming business.

The streaming giant hired Mike Verdu, who was most recently a Facebook vice president, asVPof game development and he will report to Chief Operating Officer Greg Peters.

Netflix's expansion comes at a time when the company is looking at new ways to draw in subscribers in an attempt to stave off fierce competition from the likes of Disney+ , Apple TV+ and AT&T's HBO Max.