Netflix net adds, earnings top estimate; Stock pops

Netflix shares spike on Q2 earnings
Netflix adds 3.28 million new subscribers
Netflix stock pops after earnings beat

Netflix topped quarterly earnings estimates and barely missed revenue estimates on Wednesday as the company continues to expand its original programming.

After the earnings announcement, the company's shares rose in after-hours trading. (Click here to track the latest quote for its stock.)

The company posted second-quarter earnings fell to 6 cents per share from 16 cents a share in the year-earlier period.

Revenue increased to $1.64 billion from $1.34 billion a year ago. International revenue grew 48 percent during the quarter despite currency headwinds.

Analysts had expected the company to report earnings of 4 cents a share on $1.65 billion in revenue, according to a consensus estimate from Thomson Reuters.

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The company reported a record 3.28 million net new additions, topping estimates. Analysts had expected 2.46 million net additions, according to FactSet.

"We know the subscriber numbers are almost more important than the actual fundamentals," said Christine Short, Estimize senior vice president. "It's the barometer for the return on investment of their original content, which has been widely popular."

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The company is facing increased competition from competitors like Amazon, which has been focusing more on original programming, as well as new services such as HBO Now and Showtime Anytime.

Earlier this week, Comcast announced a new video streaming service that would allow its Internet users to watch live TV from about a dozen networks. The service, called Stream, will launch in Boston at the end of the summer with a price tag of $15 a month.

Last week, Netflix announced the rollout of its upcoming set of original movies. The company announced four feature-length films, with the first, "Beasts of No Nation," slated to premiere in October, both in select U.S. theaters and on Netflix globally.

Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC and CNBC.com.