Netflix Falling After Earnings Report (NFLX)

Netflix NFLX has released its second quarter earnings numbers. The company reported GAAP net income of $43.5 million or $0.80 per share compared to $32.4 million or $0.54 per share in the second quarter of 2009. This compared to Wall Street estimates of $0.71 per share. Despite beating on the bottom line, revenue was a little light. Revenues came in at $519.8 million versus $408.5 million in the year ago period. Wall Street analysts had anticipated NFLX would report revenue of $524.44 million. In the after hours trading session, NFLX has lost 8.72% to $109.89. "Our rate of subscriber growth continues to accelerate and we added more than a million net new subscribers for the third consecutive quarter,” said Netflix Co-Founder and CEO Reed Hastings. “Consumers are clearly enthralled by our offering of unlimited movies and TV shows streamed over the Internet.”