Shares fell 9% in after hours trade after closing

said Netflix CFO Barry McCarthy in the statement

.

Company executives acknowledged that a streaming service Hulu also could become a threat, but said it was too early to say if the competitor can steal customers.

The company's churn rate - a measure of customer cancellations and free subscribers - fell to 4% from 4.5%.

Meanwhile, the rental company online videos expects third-quarter earnings of 61 cents to 74 cents per share on revenue of $ 546,000,000 to $ 554 million. Analysts polled by Thomson Reuters were expecting 68 cents and $ 552,000,000 respectively.

Netflix also raised its 2010 forecast to earnings of $ 2.58 to $ 2.86 per share on revenue of $ 2140000-2160000000 dollars, compared to a previous view of $ 2.41 to $ 2.63 and $ 2,110,000,000 to $ 2,160,000,000, respectively.

The company has increased profits at double-digit percentages, and attracts subscribers and expanding its library to compete with DVD kiosks and new digital media players. Analysts see online streaming as a growth area, as the company continues to add content platforms and see how s Nintendo Co. Ltd. (NTDOY) s Wii and Apple Inc. (AAPL) IPAD.

Netflix ended the quarter with 15 million subscribers, an increase of 7.4% over the first quarter and 42% over the previous year. The company plans to end the year, subscribers 17800000-18500000, above the April estimate 16500000-17300000.

Shares fell 9% in after hours trade after closing

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