Since then, Netflix shares have risen almost 50% – and doubled since the beginning of the year.

Netflix posted revenue of $1.64 billion, an increase of 23% year over year, in line with Wall Street expectations.

Free cash flow in the second quarter amounted to negative $229 million, compared to negative $163 million in the first quarter.

Both bulls and bears, however, agree on five key factors that will weigh heavily on the stock’s performance following the Q2 earnings report. Shares hit a split-adjusted all-time high of 102.34 on Monday.

But the big news seems to be with subscriptions.

Netflix expects to add another 3.55 million members in the third quarter with the US adding about 1.15 million and 2.4 million coming from worldwide operations. (NFLX) on Wednesday reported second-quarter net income of $26.3 million.

Revenue grew 48 percent internationally, Netflix reported, even though it didn’t launch in any new countries during the quarter and saw an $83 million loss from currency fluctuations. “Charter’s new peering policy is a welcome and significant departure from the efforts of some ISPs to collect access tolls on the Internet”, wrote Netflix’s vice president of global public policy in the letter filed with the agency.

The most bearish argument against Netflix has always been rising programming costs.

In Q2, Netflix spent $1.27 billion on additions to its streaming-content library, up 57% from $813 million in the year-earlier period. In fact, management has long maintained that the two offerings are complementary, and it continues to work to expand the availability of the Netflix offering on traditional pay TV operators like Dish and Atlantic Broadband. But many traditional TV companies, including HBO, Dish and CBS (CNET’s parent company) are now offering their own streaming services in the U.S, putting more competitive pressure on Netflix. Management has insisted it is comfortable with current pricing.

But investors are most focused on Netflix’s subscriber gains.