Netflix is laying off roughly 6% of its workforce

JUST IN: Netflix to lay off roughly 6% of its workforce, with cuts largely hitting product, tech, legal and HR teams, according to a memo from co-CEOs Ted Sarandos and Greg Peters.

Netflix is cutting roughly six percent of its entire workforce.

The memo went out today from co-CEOs Ted Sarandos and Greg Peters, and the cuts land mostly on product, tech, legal and HR. You can see the two men running the show here. Their wording is worth hearing, the business is strong and growing, they say, still on track to hit the full year forecast. So this isn't a rescue. It's a company doing fine and trimming thousands of people anyway.

The official line is discipline, being focused about where they put people and resources while they invest aggressively in high impact areas. That phrase, high impact areas, is doing a lot of work. It tells you where the money's going, and it isn't HR.

Six percent gone at a company that says everything is on track. That's the part worth sitting with. When healthy companies cut this deep, it's a choice, not a crisis.

This is Sara White, reporting for HIT.