Netflix (NFLX - Get Report) bulls are full on getting their teeth kicked in response to second quarter earnings. 

Here is why shares tanked on the results. 

Streaming Outlook

Netflix forecast third quarter net streaming additions of 5 million users, below Wall Street forecasts for 5.93 billion. Not what Wall Street wanted to see from a priced for perfection stock such as Netflix.

Competition

Netflix sounded more cautious on the competitive environment. The company called out rising competition from Apple (AAPL - Get Report) (key Action Alerts PLUS holding), YouTube and a soon to be combined AT&T (T - Get Report) /Time Warner (TWX) .

Slowing Growth

Netflix saw slowing user growth in the U.S. and internationally for the second straight quarter. Price increases hurting much?

Read real-time analysis of Netflix earnings on TheStreet.