Netflix ( NFLX -5.10%) 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.

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.

What to expect from Netflix Q2 earnings and a Cover Story deep dive on Trump's war on truth are the features in today's 'Daily Variety' podcast.

Netflix is due to report second-quarter results after the close of trading Thursday, with Wall Street eagerly anticipating a strong kickoff to media earnings season from the giant streamer. "Currently,

In its second-quarter earnings report, the streaming giant disclosed operating income of $3.8 billion and a margin of 34.1 percent, up double digits from a year ago.