(NASDAQ: NFLX) generated solid quarterly results, confirming the company's place at the top of the highly competitive streaming industry.

Investors largely cheered the results, sending Netflix shares up as much as 5.6% in Friday morning trading, though the stock gave up those gains in the hours that followed.

Netflix earned $4.88 per share on revenue of $9.56 billion in the second quarter, topping Wall Street's consensus estimate for $4.74 in earnings on sales of $9.53 billion. The standout number was the 8.05 million boost to the number of subscribers, which is nearly double the growth that analysts had expected.

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Source Fool.com