Netflix is splitting its stock seven ways.

In a statement Tuesday, the company announced that its board has approved the split. The stock dividend will be payable on July 14 to shareholders as at July 2, according to the statement.

What this means is that shareholders will continue holding the same percentage stake in the company, but one share becomes seven.

Stock splits do literally nothing to change the financial or operating structures of the company.

Typically, companies split their stocks when the price becomes quite high.

Netflix closed at $681.19 a share on Tuesday and rallied more than 2% in after-hours trading. The stock is up 55% over the past 12 months, and a massive 99% year-to-date.

Here's a chart of the rally this year: