Netflix NFLX, the world's largest video streaming company, once again disappointed investors with lesser subscriber growth when it reported second-quarter 2021 results after the closing bell on Tuesday. Netflix also lagged on earnings estimates but beat on top line.Netflix Q2 Earnings in DetailThe company reported earnings per share of $2.97, missing the Zacks Consensus Estimate of $3.16 but increasing from $1.59 reported in the year-ago quarter. Revenues rose 19% year over year to $7.34 billion and came in above the Zacks Consensus Estimate of $7.31 billion.Netflix added a mere 1.5 million new subscribers globally in the second quarter, well below the company’s guidance of 1 million additions and dramatically down from the 10.1 million additions seen in the year-ago quarter. The subscriber growth is also down 61% from the first quarter. As the surge in streaming subscriptions from the COVID-19 pandemic has petered out and competition has increased, the company’s subscriber growth slowed down dramatically. In fact, the company lost about 430,000 subscribers in the United States and Canada in the reported quarter.Some of the top films of the quarter were Zack Snyder's "Army of the Dead," the Kevin Hart-starring dramedy "Fatherhood" and the family comedy "The Mitchells vs. the Machines." Some of the hot series were “Shadow and Bone” and “Sweet Tooth.” At the end of Q2, Netflix had 209.18 million paid subscribers worldwide, up 8.4% year over year (see: all the Technology ETFs here).For the current quarter, Netflix expects to add 3.5 million new streaming subscribers. It includes new seasons of “Money Heist,” “Sex Education,” “Virgin River” and “Never Have I Ever” as well as live action films including “Sweet Girl,” “Kissing Booth 3” and “Kate” as well as the animated feature film “Vivo.”After a lower subscriber growth in the first half, Netflix said that it hoped momentum would pick up in the second half of the year although growth will remain muted. As competition in the so-called streaming wars has heated up with the growth of streaming platforms including Disney DIS + and WarnerMedia's HBO Max, the streaming video pioneer is making a deeper dive into video games. It unveiled plans to enter the video game market, staring with mobile games based on its original TV shows and films, as well as introduce completely new games and license some titles. Netflix is in the early stages of expanding its video game offerings, which would be available to subscribers at no extra charge (read: Video Gaming ETFs to Shine Bright on Surging Sales in May).Netflix expects revenues and earnings per share of $7.50 billion and $2.55, respectively, for the ongoing quarter. The Zacks Consensus Estimate is pegged at $7.48 billion for revenues and $2.14 for earnings per share.In the wake of lower subscriber growth, Netflix shares tumbled 6.6% initially in after-market trading hours but recovered later to close at up about 1%. The stock currently has a Zacks Rank #3 (Hold) and belongs to a top-ranked Zacks industry (placed at the top 39% of 250+ industries).ETFs in FocusThe Q2 result has put the ETFs with a higher allocation to Netflix in focus. We have highlighted them below:MicroSectors FANG+ ETN FNGSThis ETN is linked to the performance of the NYSE FANG+ Index, which is an equal-dollar weighted index, designed to provide exposure to a group of highly traded growth stocks of next-generation technology and tech-enabled companies. It holds 10 stocks in its basket in equal proportion with Netflix share coming in at 10%. The product has accumulated $74.5 million in its asset base and charges 58 bps in annual fees. It trades in a paltry volume of 35,000 shares a day on average and a Zacks ETF Rank #3 (Hold) with a Medium risk outlook (read: Tesla Breaks Record on Q2 Deliveries: ETFs to Tap).Multifactor Media and Communications ETF JHCSThis ETF targets a wide range of U.S. media and communication stocks to exploit the sector's opportunities by tracking the John Hancock Dimensional Media and Communications Index. It holds 54 stocks in its basket with NFLX taking the third spot at 5.6% share. JHCS has managed assets worth $31.1 million and charges 40 bps in annual fees. It trades in an average daily volume of under 500 shares.Pacer BioThreat Strategy ETF VIRSThis fund seeks exposure to U.S. companies that provide their goods and services to the market by accomplishing one or more of the seven index themes. It tracks the LifeSci BioThreat Strategy Index, holding 51 stocks in its basket. Netflix occupies the third position with 5.1% of assets. The ETF accumulated $4.8 million in its asset base and charges 70 bps in annual fees. It trades in a paltry average daily volume of 500 shares.Invesco Dynamic Media ETF PBSThis fund provides exposure to companies engaged in the development, production, sale and distribution of goods or services used in the media industry by tracking the Dynamic Media Intellidex Index. It holds 31 stocks in the basket with Netflix taking the fourth position holding 5.3% allocation. The product has been able to manage $119.6 million in its asset base while sees a lower volume of about 31,000 shares a day. It has 0.63% in expense ratio and a Zacks ETF Rank #3 with a Medium risk outlook (read: ETFs to Tap the Blockbuster Debut of Marvel's Black Widow).Invesco S&P 500 Equal Weight Communication Services ETF EWCOThis fund follows the S&P 500 Equal Weight Communication Services Plus Index. It holds 27 stocks in its basket with Netflix occupying the second position at 5.2%. The product has amassed $50 million in its asset base and trades in an average daily volume of 13,000 shares. It charges 40 bps in annual fees and has a Zacks ETF Rank #2 (Buy). Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Netflix, Inc. (NFLX): Free Stock Analysis Report The Walt Disney Company (DIS): Free Stock Analysis Report Invesco Dynamic Media ETF (PBS): ETF Research Reports Invesco S&P 500 Equal Weight Communication Services ETF (EWCO): ETF Research Reports John Hancock Multifactor Media and Communications ETF (JHCS): ETF Research Reports MICRSFANG (FNGS): ETF Research Reports Pacer BioThreat Strategy ETF (VIRS): ETF Research Reports To read this article on Zacks.com click here.