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 reported a decent performance for the second quarter of the year – in its report, the streaming service giant revealed that it has clocked a 16% increase in revenue. The streaming service revised its full-year revenue outlook upward,