The final season of global phenomenon "Squid Game" helped Netflix beat Wall Street earnings targets for the second quarter, and the streaming service raised its revenue guidance for the year, Reuters reported.

Some investors had hoped for more from the dominant movie and TV streaming service, analysts said. Netflix shares had risen nearly 44% this year ahead of the earnings report on Thursday. The stock fell 1.8% to $1,251.86 in after-hours trading.

Netflix has been building an ad-supported service to reel in price-sensitive viewers, though it has said advertising will not be a primary driver of revenue growth this year. The company also has added live events such as WWE wrestling to draw advertisers and viewers.

For April through June, Netflix posted diluted earnings per share of $7.19. That topped the $7.08 consensus estimate of analysts polled by LSEG, according to Reuters.