March 21 (Reuters) - Salesforce.com Inc said on Thursday its board of directors had approved a 4-for-1 stock split as its shares continued an almost unbroken four-year ascent.
Since early 2009, shares of the cloud-based sales and marketing software company have more than quadrupled under Chief Executive Marc Benioff, who has funneled resources toward gaining market share and led the company’s expansion into the social media sector.
Salesforce shares were up 0.5 percent at $173.74 after hours, after having risen as much as 2 percent.
The record date for the stock split is the close of business on April 3. The number of shares is expected to increase from 400 million to 1.6 billion, the company said.