Netflix (NFLX, Financials) is set to release its second-quarter earnings after the bell Thursday, with investors watching closely for signs that recent price hikes and its advertising-supported tier are driving results as expected.

Netflix's (NASDAQ:NFLX) second-quarter earnings beat expectations on top and bottom lines, and the streaming giant raised full-year revenue expectations. Shares of the company were down nearly 5% by midday on Friday.

Netflix reported total Q2 revenues of $11.08 billion, with an operating income of $3.8 billion and margin of 34.1%, beyond last year and market estimates.