Netflix CEO Reed Hastings. Gonzalo Fuentes/Reuters Netflix just reported second-quarter earnings that were a little better than expected, and now the stock is soaring.

In the second quarter, earnings per share came in at $0.06 per share. Expectations were for earnings of $0.04, or $0.09 on an adjusted basis.

Revenue totaled $1.64 billion, right in line with expectations.

Following the report, shares of Netflix were up as much as 11% in after-hours trade.

The company reported net subscriber additions of 3.3 million, bringing its total subscriber count to 65.55 million. International additions totaled 2.4 million during the quarter, bringing international subscribers to 23.25 million.



US subscriber adds totaled 900,000 in the quarter, bringing this total to 42.3 million.

Free cash flow in the quarter was negative $229 million, a larger deficit than the negative $163 million the company reported in the first quarter.

In its earnings letter to shareholders, the company said, "As we have previously detailed, our investment in originals is working capital intensive, which results in higher cash spent upfront relative to content amortization, and, we anticipate this trend to continue given our increased investment in originals."

As for the third quarter, the company expects earnings per share of $0.07 on streaming revenue of $1.59 billion. (Streaming revenue totaled $1.48 billion in the second quarter.)

The company also expects to add 3.55 million subscribers in the third quarter.

Netflix shares began trading on a split-adjusted basis on Wednesday, so the stock was around $106 per share in after-hours trade. Backing out the 7-for-1 split adjustment, this is a new all-time high for the stock, which has more than doubled in 2015 alone.

Netflix shares, which gained 12% after the company's first-quarter earnings report, are more or less behaving the same way on Wednesday that closely followed hedge fund manager David Einhorn outlined in a letter to investors earlier this month.

Of the company's first-quarter reaction, Einhorn wrote that, "apparently Red Ink is the New Black," adding that:

"Why did the stock react that way? Cynically: if it soared on bad news, imagine what it would do with good news. Practically: NFLX changed its story and pushed its promises into the distant future, with grand hopes for the decade starting in 2020. It transitioned from being a company judged by how much it earns into a company judged by how much it spends."

And one thing Netflix did promise on Wednesday was more spending in the future.