What's going on?

Netflix reported a second-quarter profit that skipped past investors� expectations late on Wednesday � but its stock fell 10%. Stranger Things have happened� (tweet this)

What does this mean?

Netflix�s revenue last quarter was roughly what investors expected, but the media giant added half as many paid-up chillers to its ranks as it had promised. While the trend of Netflix adding fewer new subscribers in its second quarter is nothing new, recent price hikes may be partly to blame for this pause in growth � even if those same hikes gave its profit a boost. Netflix reckons the slowdown is temporary, however: it�s expecting to add 7 million paying subscribers this quarter � more than investors predicted � and without burning through any more cash than it previously budgeted.

Why should I care?

For you personally: Extreme channel changing.

Two of Netflix�s most popular shows � The Office and Friends � will soon be yanked from the platform by rivals with plans to launch their own streaming services. And the competition�s only getting tougher: Disney�s service will launch this fall, and Apple and Amazon�s bundled options are doing everything they can to keep you awake. You�ll probably need to subscribe to a few of them to keep watching all your favorite shows. Easier said than done: even though consumers are spending more on average, your budget may not stretch to cover rising subscription fees. Time will tell whether a rising tide really does lift all boats in the stream � or if some spring a leak.

The bigger picture: Chinese rival goes off script.

With Netflix�s stock falling precipitously, investors appeared to jeer the lowering of last quarter�s curtain. Elsewhere on Wednesday, Chinese streaming rival DouYu � which counts Tencent among its backers � debuted its American initial public offering. DouYu set its starting share price at the bottom of the previously advertised range, which may not be the blockbuster premiere it hoped for � but at least there were no last-minute cancelations.