Streaming giant Netflix Inc. projected revenue for the current quarter fell short of Wall Street expectations, leading to investors booking profits in the stock after a sharp run-up this year. Shares fell as much as 10 percent in extended trading on Wednesday. The stock is up over 60 percent this year.

Netflix expects current quarter sales to be at $8.52 billion which is below the average Wall Street estimate of $8.67 billion.

For the quarter, Netflix added 5.89 million subscribers, marking the best second quarter since the pandemic. The figure was also well above expectations of 2.07 million new subscribers. The company expects to add another 6 million subscribers this quarter. Revenue is also likely to accelerate in the second half of the year as Netflix sees “the full benefits” of its password-sharing crackdown and steady growth in its ad-supported plan.

The company credited much of the boom to its crackdown on password sharing. In May, the streaming leader started charging people in more than 100 countries to continue sharing their passwords, a key part of its plan to accelerate growth after a sluggish 2022. Viewers using someone else’s subscription can now either pay to keep sharing or set up their own account.

Netflix initially warned it would see an uptick in cancellations at the start of the crackdown and that it would see more growth in the back half of this year. But the company said new sign-ups are already exceeding cancellations and that sales growth will accelerate in the months ahead, with third-quarter growth projected at 7.5 percent.

The streaming giant raised its 2023 forecast for free cash flow to $5 billion, from at least $3.5 billion previously, as a result of a strike by writers and actors, which has shuttered production and cut spending.

Netflix shares fell 8.3 percent after-hours to $438.12. The stock ended 0.6 percent higher in regular trading.

(With Inputs From Agencies.)