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Netflix Hits Its Q2 Numbers and the 50 Million Subscriber Mark

Earnings came in at $1.15 per share with revenue of $1.34 billion.

Asa Mathat

Netflix has a very, very lofty valuation — CEO Reed Hastings himself has suggested that it’s too high — so it can’t stumble when it comes to earnings. But the streaming video company appears to have done just fine today: It reported Q2 profits of $1.15 per share and revenue of $1.34 billion. Most crucially, the company now has more than 50 million streaming subscribers worldwide.

The market was looking for $1.14 per share on revenue of $1.34 billion, 36.2 million U.S. subscribers and 13.7 million international subs. Investors, who have already placed a sky-high valuation on the stock, seemed okay with the results at first blush.

Here’s RBC analyst Mark Mahaney’s “cheat sheet” so you can gauge for yourself:

As always, CEO Reed Hastings’ quarterly letter to shareholders is filled with interesting nuggets. I’ll be highlighting some of them as I find them here:

This article originally appeared on Recode.net.