Earnings more than doubled for Netflix in 2nd Quarter

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Second-quarter earnings for Netflix more than doubled as new episodes from a hit series helped the Internet video service surpass 50 million worldwide subscribers for the first time.

The gains announced Monday include an additional 570,000 U.S. subscribers, slightly more than Netflix's management predicted. The quarter is typically the company's slowest of the year, as people spend more time outdoors instead of watching video.

Investors applauded the second-quarter results, pushing Netflix's stock up $4.05 to $456 in extended trading. The shares have surged by 23 percent this year, while the Standard & Poor's 500 index has increased 7 percent.

The second quarter featured one of Netflix's marquee attractions, "Orange Is The New Black," which returned for its second season in early June. As with Netflix's other original series, all 13 episodes of "Orange Is The New Black," were released simultaneously so subscribers could watch the story unfold at their leisure.

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