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 beat easily on earnings last night, and barely edged out sales expectations as well. Operating margins improved mightily in Q2 versus a year ago, but management warned of smaller margins for the full year.

Netflix Inc. had all the wind in its sails that one could hope for in its second-quarter earnings — they came in well ahead of analysts’ expectations for net profit, benefitting strongly from a weakening dollar.