MarketWatch First Take: Is Netflix stock falling down a mountain, or just tripping over a molehill?

After four consecutive quarters of subscriber growth that soared past forecasts, Netflix Inc. did not live up to expectations with a report Monday that slammed the stock on fears that subscriber growth may have peaked.

The streaming media giant reported disappointing second quarter results and a weaker than expected outlook after markets closed Monday. Netflix NFLX, +1.18% disclosed about 1 million fewer new subscribers in the second quarter than it had projected, and said it expected subscriber growth to decline year-over-year in the current quarter. Shares, up about 115% this year compared with a 4.5% gain in the S&P 500 SPX, -0.10% tumbled 13% in after-hours trading.

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