Netflix (NFLX) 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) (key Action Alerts PLUS holding), YouTube and a soon to be combined AT&T (T) /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.

More from Video

Is Walmart Back to Being the King of Retail?

Is Walmart Back to Being the King of Retail?

Crunch Franchise CEO Wants to Be 'Starbucks of Fitness'

Crunch Franchise CEO Wants to Be 'Starbucks of Fitness'

5 Things You Should Know About Tech Giant Nvidia

5 Things You Should Know About Tech Giant Nvidia

60 Seconds: Uncle Sam Wants a Piece of your Kid's Summer Job

60 Seconds: Uncle Sam Wants a Piece of your Kid's Summer Job

Why Jim Cramer Is Still Betting on the Financials

Why Jim Cramer Is Still Betting on the Financials