Netflix overwhelmingly beat its projections for new subscribers this quarter, an impressive feat considering that Q2 has traditionally been its slowest quarter for adding subscriptions.
The company welcomed 5.2 million subscribers this past quarter, putting it at 104 million subscribers worldwide. The announcement on Tuesday widely exceeded the company's estimate of 3.2 million.
Q2 has historically been Netflix's slowest quarter for new subscribers. During the same period last year, for example, the stock dipped 15 percent in after-hours trading after the company only added 1.7 million subscribers, compared to projections of 2.5 million.
"Netflix has become a juggernaut in the entertainment industry," Gerber Kawasaki CEO Ross Gerber told CNBC's "Closing Bell." "A drive down Sunset Blvd. shows it all, billboard after billboard of Netflix Hit shows. The entire cable industry is starting to be decimated by Netflix. Millennials don't buy cable anymore because there is actually all the content you need on Netflix and HBO. Now this phenomena has gone global."