Netflix stock has nearly doubled over the last 12 months to levels of about $1,270 currently. The rally has been driven by a crackdown on password sharing and the expansion of its advertising-supported tier.

Netflix executives were quick to point out that their strong numbers in the quarter weren’t entirely driven by currency exchange, but “strength in our underlying business.” “We are seeing healthy member growth

Netflix (NASDAQ: NFLX) stock dropped 4.5% in early trading as of 9:40 a.m. ET, despite beating on earnings last night. Heading into the report, analysts forecast Netflix would earn $7.06 per share on just over $11 billion in revenue. In fact, Netflix earned $7.19 per share on just under $11. 1 billion, thus beating on both top and bottom lines.