Netflix delivered another impressive quarter, but the stock still fell. The company is executing across the board. Investors may not think of Netflix (NASDAQ: NFLX) as the hot growth stock it was a decade ago,

Netflix stock has nearly doubled over the last 12 months to levels of about $1,270 currently. The rally has been driven by a crackdown on password sharing and the expansion of its advertising-supported tier.

Netflix beat easily on earnings last night, and barely edged out sales expectations as well. Operating margins improved mightily in Q2 versus a year ago, but management warned of smaller margins for the full year.