Netflix's (NASDAQ:NFLX) second-quarter earnings beat expectations on top and bottom lines, and the streaming giant raised full-year revenue expectations. Shares of the company were down nearly 5% by midday on Friday.

Netflix reported total Q2 revenues of $11.08 billion, with an operating income of $3.8 billion and margin of 34.1%, beyond last year and market estimates.

Netflix (NFLX) saw a notable 31% increase in its share price over the last quarter, a move that aligns somewhat with the positive broader market trends. Key drivers included the company's share buyback program,