Closely-watched streaming service Netflix saw its stock price drop nearly 16% in after-hours trading on Monday after its second-quarter results missed some marks.

Chief among those was that the subscription video on demand (SVOD) company added only 1.7 million new subscribers worldwide, 8 million less than the 2.5 million the company had forecast. That’s down even more significantly compared to the 3.28 million subscribers Netflix added last year at this time, although it was rapidly adding countries at this time last year.

“We are growing, but not as fast as we would like or have been,” Netflix said in a statement. “Disrupting a big market can be bumpy, but the opportunity ahead is as big as ever and we continue to improve every aspect of our business.”

Subscription growth in the U.S. market was particularly slow, with Netflix only adding 160,000 new subscribers instead of the 500,000 it had predicted. Internationally, 1.5 million subscribers came on board, missing by 500,000 Netflix’s expectation of 2 million new global subs.

Still, Netflix’s revenues were up, with earnings of $41 million or 9 cents per share on overall revenues of $1.96 billion, beating analyst forecasts of 3 cents per share. That’s due to lower content costs than expected, the company said. Netflix has said it plans on spending $5 billion on content production and acquisition this year alone.

Netflix admitted that increased competition in the streaming space from providers such as Amazon Prime Video, Hulu and CBS All Access might be making things a little tougher, but not by much.

“Our view, however, is that we are all growing primarily against linear TV hours and that competition did not contribute materially to our miss in Q2,” Netflix said in a statement. “Similarly, we don’t believe market saturation is a key factor in the U.S. given that we experienced similar performance over the same period in multiple countries with differing levels of Netflix market penetration.”

Looking ahead, Netflix predicted it would add 2 million customers internationally in the next quarter.

READ MORE: The Hollywood Reporter, Recode

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